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Interest Rate Derivative

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Interest Rate Swap

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 67,680
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Common stock.
Entity Common Stock, Shares Outstanding		319,824,215
Class B common stock
Entity Common Stock, Shares Outstanding		8,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS:
Investment properties, at cost	$ 35,226,089	$ 33,463,124
Less - accumulated depreciation	10,865,754	9,915,386
Investment properties at cost, net	24,360,335	23,547,738
Cash and cash equivalents	560,059	701,134
Tenant receivables and accrued revenue, net	664,619	624,605
Investment in unconsolidated entities, at equity	2,367,583	2,481,574
Investment in Klepierre, at equity	1,797,394	1,943,363
Deferred costs and other assets	1,353,588	1,266,768
Total assets	31,103,578	30,565,182
LIABILITIES:
Mortgages and unsecured indebtedness	22,977,104	22,416,682
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,214,022	1,323,801
Cash distributions and losses in partnerships and joint ventures, at equity	1,359,738	1,368,544
Other liabilities	455,040	214,249
Total liabilities	26,005,904	25,323,276
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	137,762	25,537
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847	43,405	43,733
Capital in excess of par value	9,523,086	9,384,450
Accumulated deficit	(4,459,387)	(4,266,930)
Accumulated other comprehensive loss	(114,126)	(252,686)
Common stock held in treasury, at cost, 6,756,748 and 5,394,345 shares, respectively	(682,562)	(437,134)
Total stockholders' equity	4,310,448	4,471,464
Noncontrolling interests	649,464	744,905
Total equity	4,959,912	5,216,369
Total liabilities and equity	31,103,578	30,565,182
Simon Property Group L.P.
ASSETS:
Investment properties, at cost	35,226,089	33,463,124
Less - accumulated depreciation	10,865,754	9,915,386
Investment properties at cost, net	24,360,335	23,547,738
Cash and cash equivalents	560,059	701,134
Tenant receivables and accrued revenue, net	664,619	624,605
Investment in unconsolidated entities, at equity	2,367,583	2,481,574
Investment in Klepierre, at equity	1,797,394	1,943,363
Deferred costs and other assets	1,353,588	1,266,768
Total assets	31,103,578	30,565,182
LIABILITIES:
Mortgages and unsecured indebtedness	22,977,104	22,416,682
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,214,022	1,323,801
Cash distributions and losses in partnerships and joint ventures, at equity	1,359,738	1,368,544
Other liabilities	455,040	214,249
Total liabilities	26,005,904	25,323,276
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	137,762	25,537
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Preferred units, 796,948 units outstanding. Liquidation value of $39,847	43,405	43,733
General Partner, 313,074,574 and 309,420,569 units outstanding, respectively	4,267,043	4,427,731
Limited Partners, 47,276,095 and 51,814,235 units outstanding, respectively	644,348	741,449
Total partners' equity	4,954,796	5,212,913
Nonredeemable noncontrolling interests in properties, net	5,116	3,456
Total equity	4,959,912	5,216,369
Total liabilities and equity	31,103,578	30,565,182
Common stock.
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock	32	31
Class B common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares issued	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock held in treasury, shares	6,756,748	5,394,345
Common stock.
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	319,823,322	314,806,914
Common stock, shares outstanding	319,823,322	314,806,914
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000
Simon Property Group L.P.
Preferred units, units outstanding	796,948	796,948
Preferred units, Liquidation value (in dollars)	$ 39,847	$ 39,847
General Partner, units outstanding	313,074,574	309,420,569
Limited Partners, units outstanding	47,276,095	51,814,235

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUE:
Minimum rent	$ 3,358,498	$ 3,142,347	$ 2,962,295
Overage rent	161,508	194,070	207,104
Tenant reimbursements	1,494,804	1,445,623	1,362,412
Management fees and other revenues	143,875	158,466	138,226
Other income	276,544	325,597	200,781
Total revenue	5,435,229	5,266,103	4,870,818
EXPENSES:
Property operating	432,394	425,983	398,598
Depreciation and amortization	1,252,673	1,177,568	1,143,827
Real estate taxes	439,030	432,840	384,189
Repairs and maintenance	99,723	101,369	100,016
Advertising and promotion	142,801	134,854	136,656
Provision for credit losses	7,319	6,635	12,001
Home and regional office costs	158,406	154,816	158,576
General and administrative	65,082	60,329	59,958
Other	116,973	102,836	91,655
Total operating expenses	2,714,401	2,597,230	2,485,476
OPERATING INCOME	2,720,828	2,668,873	2,385,342
Interest expense	(857,554)	(923,697)	(992,601)
Loss on extinguishment of debt	(136,777)	(120,953)	(127,573)
Income and other taxes	(29,678)	(20,170)	(28,085)
Income from unconsolidated entities	353,334	284,806	226,774
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	84,553	250,516	158,308
Consolidated income from continuing operations	2,134,706	2,139,375	1,622,165
Discontinued operations and gain on disposal			67,524
Discontinued operations transaction expenses			(38,163)
CONSOLIDATED NET INCOME	2,134,706	2,139,375	1,651,526
Net income attributable to noncontrolling interests	295,810	311,655	242,938
Preferred dividends	3,337	3,337	3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 1,835,559	$ 1,824,383	$ 1,405,251
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Income from continuing operations (in dollars per share)	$ 5.87	$ 5.88	$ 4.44
Discontinued operations (in dollars per share)			0.08
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 5.87	$ 5.88	$ 4.52
Consolidated Net Income	$ 2,134,706	$ 2,139,375	$ 1,651,526
Unrealized gain on derivative hedge agreements	39,472	17,122	5,220
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	149,622	(69,189)	10,789
Currency translation adjustments	(28,646)	(160,312)	(101,799)
Changes in available-for-sale securities and other	3,192	(11,200)	102,816
Comprehensive income	2,298,346	1,915,796	1,668,552
Comprehensive income attributable to noncontrolling interests	320,890	279,720	245,210
Comprehensive income attributable to common stockholders or unitholders	1,977,456	1,636,076	1,423,342
Simon Property Group L.P.
REVENUE:
Minimum rent	3,358,498	3,142,347	2,962,295
Overage rent	161,508	194,070	207,104
Tenant reimbursements	1,494,804	1,445,623	1,362,412
Management fees and other revenues	143,875	158,466	138,226
Other income	276,544	325,597	200,781
Total revenue	5,435,229	5,266,103	4,870,818
EXPENSES:
Property operating	432,394	425,983	398,598
Depreciation and amortization	1,252,673	1,177,568	1,143,827
Real estate taxes	439,030	432,840	384,189
Repairs and maintenance	99,723	101,369	100,016
Advertising and promotion	142,801	134,854	136,656
Provision for credit losses	7,319	6,635	12,001
Home and regional office costs	158,406	154,816	158,576
General and administrative	65,082	60,329	59,958
Other	116,973	102,836	91,655
Total operating expenses	2,714,401	2,597,230	2,485,476
OPERATING INCOME	2,720,828	2,668,873	2,385,342
Interest expense	(857,554)	(923,697)	(992,601)
Loss on extinguishment of debt	(136,777)	(120,953)	(127,573)
Income and other taxes	(29,678)	(20,170)	(28,085)
Income from unconsolidated entities	353,334	284,806	226,774
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	84,553	250,516	158,308
Consolidated income from continuing operations	2,134,706	2,139,375	1,622,165
Discontinued operations and gain on disposal			67,524
Discontinued operations transaction expenses			(38,163)
CONSOLIDATED NET INCOME	2,134,706	2,139,375	1,651,526
Net income attributable to noncontrolling interests	7,218	2,984	2,491
Preferred dividends	5,252	5,252	5,252
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	2,122,236	2,131,139	1,643,783
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	1,835,559	1,824,383	1,405,251
Limited Partners	$ 286,677	$ 306,756	$ 238,532
BASIC AND DILUTED EARNINGS PER COMMON SHARE or UNIT:
Income from continuing operations (in dollars per share)	$ 5.87	$ 5.88	$ 4.44
Discontinued operations (in dollars per share)			0.08
Net income attributable to common stockholders or unitholders (in dollars per share or unit)	$ 5.87	$ 5.88	$ 4.52
Consolidated Net Income	$ 2,134,706	$ 2,139,375	$ 1,651,526
Unrealized gain on derivative hedge agreements	39,472	17,122	5,220
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings	149,622	(69,189)	10,789
Currency translation adjustments	(28,646)	(160,312)	(101,799)
Changes in available-for-sale securities and other	3,192	(11,200)	102,816
Comprehensive income	2,298,346	1,915,796	1,668,552
Comprehensive income attributable to noncontrolling interests	2,917	2,984	2,491
Comprehensive income attributable to common stockholders or unitholders	$ 2,295,429	$ 1,912,812	$ 1,666,061

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 2,134,706	$ 2,139,375	$ 1,651,526
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,327,946	1,239,214	1,285,784
Loss on debt extinguishment	136,777	120,953	127,573
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(84,553)	(250,516)	(158,550)
Pre-development project cost charge	31,490
Gain on sale of marketable securities		(80,187)
Straight-line rent	(46,656)	(54,129)	(48,880)
Equity in income of unconsolidated entities	(353,334)	(284,806)	(227,426)
Distributions of income from unconsolidated entities	331,627	271,998	202,269
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	16,277	9,918	(6,730)
Deferred costs and other assets	(43,797)	(122,677)	(65,569)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(77,789)	35,542	(29,577)
Net cash provided by operating activities	3,372,694	3,024,685	2,730,420
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(499,976)	(1,410,881)	(85,459)
Funding of loans to related parties			(50,892)
Repayments of loans to related parties	8,207		170,953
Capital expenditures, net	(798,465)	(1,020,924)	(796,736)
Cash impact from the consolidation of properties	59,994		5,402
Net proceeds from sale of assets	36,558	33,015
Investments in unconsolidated entities	(312,160)	(329,928)	(239,826)
Purchase of marketable and non-marketable securities	(38,809)	(59,523)	(391,188)
Proceeds from sale of marketable and non-marketable securities	42,600	504,012
Distributions of capital from unconsolidated entities and other	533,025	821,509	490,480
Net cash used in investing activities	(969,026)	(1,462,720)	(897,266)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(328)	(285)	277
Purchase of shares or units related to stock grant recipients' tax withholdings	(4,299)	(3,301)
Cash impact of Washington Prime spin-off			(33,776)
Redemption of limited partner units			(14,435)
Purchase of limited partner units and treasury stock	(255,267)	(505,691)
Purchase of noncontrolling interest in consolidated properties and other			(172,652)
Distributions to noncontrolling interest holders in properties	(9,731)	(8,041)	(21,259)
Contributions from noncontrolling interest holders in properties	1,507	4,552	1,738
Preferred distributions of the Operating Partnership	(1,915)	(1,915)	(1,915)
Preferred dividends and distributions to stockholders	(2,037,542)	(1,879,182)	(1,603,603)
Distributions to limited partners	(316,428)	(314,944)	(271,640)
Loss on debt extinguishment	(136,777)	(120,953)	(127,573)
Proceeds from issuance of debt, net of transaction costs	14,866,205	10,468,667	3,627,154
Repayments of debt	(14,650,168)	(9,112,020)	(5,323,186)
Proceeds from issuance of debt related to Washington Prime properties, net			1,003,135
Net cash used in financing activities	(2,544,743)	(1,473,113)	(2,937,735)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (NOTE 3)	(141,075)	88,852	(1,104,581)
CASH AND CASH EQUIVALENTS, beginning of period	701,134	612,282	1,716,863
CASH AND CASH EQUIVALENTS, end of period	560,059	701,134	612,282
Simon Property Group L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	2,134,706	2,139,375	1,651,526
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Depreciation and amortization	1,327,946	1,239,214	1,285,784
Loss on debt extinguishment	136,777	120,953	127,573
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	(84,553)	(250,516)	(158,550)
Pre-development project cost charge	31,490
Gain on sale of marketable securities		(80,187)
Straight-line rent	(46,656)	(54,129)	(48,880)
Equity in income of unconsolidated entities	(353,334)	(284,806)	(227,426)
Distributions of income from unconsolidated entities	331,627	271,998	202,269
Changes in assets and liabilities -
Tenant receivables and accrued revenue, net	16,277	9,918	(6,730)
Deferred costs and other assets	(43,797)	(122,677)	(65,569)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities	(77,789)	35,542	(29,577)
Net cash provided by operating activities	3,372,694	3,024,685	2,730,420
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(499,976)	(1,410,881)	(85,459)
Funding of loans to related parties			(50,892)
Repayments of loans to related parties	8,207		170,953
Capital expenditures, net	(798,465)	(1,020,924)	(796,736)
Cash impact from the consolidation of properties	59,994		5,402
Net proceeds from sale of assets	36,558	33,015
Investments in unconsolidated entities	(312,160)	(329,928)	(239,826)
Purchase of marketable and non-marketable securities	(38,809)	(59,523)	(391,188)
Proceeds from sale of marketable and non-marketable securities	42,600	504,012
Distributions of capital from unconsolidated entities and other	533,025	821,509	490,480
Net cash used in investing activities	(969,026)	(1,462,720)	(897,266)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock, issuance of units and other, net of transaction costs	(328)	(285)	277
Purchase of shares or units related to stock grant recipients' tax withholdings	(4,299)	(3,301)
Cash impact of Washington Prime spin-off			(33,776)
Redemption of limited partner units			(14,435)
Purchase of limited partner units	(255,267)	(505,691)
Purchase of noncontrolling interest in consolidated properties and other			(172,652)
Distributions to noncontrolling interest holders in properties	(9,731)	(8,041)	(21,259)
Contributions from noncontrolling interest holders in properties	1,507	4,552	1,738
Distributions to limited partners	(2,355,885)	(2,196,041)	(1,877,158)
Loss on debt extinguishment	(136,777)	(120,953)	(127,573)
Proceeds from issuance of debt, net of transaction costs	14,866,205	10,468,667	3,627,154
Repayments of debt	(14,650,168)	(9,112,020)	(5,323,186)
Proceeds from issuance of debt related to Washington Prime properties, net			1,003,135
Net cash used in financing activities	(2,544,743)	(1,473,113)	(2,937,735)
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (NOTE 3)	(141,075)	88,852	(1,104,581)
CASH AND CASH EQUIVALENTS, beginning of period	701,134	612,282	1,716,863
CASH AND CASH EQUIVALENTS, end of period	$ 560,059	$ 701,134	$ 612,282

Consolidated Statements of Equity - USD ($) $ in Thousands	Simon Property Group L.P. Simon (Managing General Partner)	Simon Property Group L.P. Limited Partners	Simon Property Group L.P. Preferred Stock or Units	Simon Property Group L.P. Noncontrolling Interests	Simon Property Group L.P.	Preferred Stock or Units Series J Preferred stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests	Total
Balance at Dec. 31, 2013						$ 44,390	$ 31	$ (75,795)	$ 9,217,363	$ (3,218,686)	$ (117,897)	$ 973,226	$ 6,822,632
Balance at Dec. 31, 2013	$ 5,805,016	$ 968,962	$ 44,390	$ 4,264	$ 6,822,632
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (5,020,919, 489,291,and 70,291 common shares respectively in 2016, 2015 and 2014, Note 10)									1,297			(1,297)
Issuance of limited partner units		84,910			84,910							84,910	84,910
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to units	1,297	(1,297)
Stock incentive program (common shares, net: 63,324 in 2016, 63,738 in 2015, 83,509 in 2014)									(14,026)		14,026
Redemption of limited partner units	(12,972)	(1,463)			(14,435)				(12,972)			(1,463)	(14,435)
Amortization of stock incentive	18,256				18,256				18,256				18,256
Spin-off of Washington Prime	(694,457)	(118,306)			(812,763)					(812,763)			(812,763)
Long-term incentive performance units		49,938			49,938							49,938	49,938
Issuance of unit equivalents and other	18,885			12,081	30,966				662	18,281	(58)	12,081	30,966
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	93,351	(93,351)							211,657			(211,657)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests										(1,603,603)		(271,640)	(1,875,243)
Distributions, excluding distributions on preferred interests classified as temporary equity	(1,600,266)	(271,640)	(3,337)	(19,065)	(1,894,308)
Distributions to noncontrolling other interest holders												(19,065)	(19,065)
Other comprehensive income	14,754	2,272			17,026			14,754				2,272	17,026
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016)	1,405,251	238,532	3,337	2,491	1,649,611					1,408,588		241,023	1,649,611
Balance at Dec. 31, 2014						44,062	31	(61,041)	9,422,237	(4,208,183)	(103,929)	858,328	5,951,505
Balance at Dec. 31, 2014	5,049,115	858,557	44,062	(229)	5,951,505
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (5,020,919, 489,291,and 70,291 common shares respectively in 2016, 2015 and 2014, Note 10)									7,942			(7,942)
Series J preferred stock premium amortization			(329)		(329)	(329)							(329)
Limited partner units exchanged to units	7,942	(7,942)
Stock incentive program (common shares, net: 63,324 in 2016, 63,738 in 2015, 83,509 in 2014)									(13,103)		13,103
Redemption of limited partner units	(147,841)	(14,843)			(162,684)				(147,841)			(14,843)	(162,684)
Amortization of stock incentive	13,692				13,692				13,692				13,692
Treasury stock purchase	(343,007)				(343,007)						(343,007)		(343,007)
Long-term incentive performance units		47,279			47,279							47,279	47,279
Issuance of unit equivalents and other	(10,543)			4,537	(6,006)				43	(7,285)	(3,301)	4,537	(6,006)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	101,480	(101,480)							101,480			(101,480)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests										(1,879,182)		(314,944)	(2,194,126)
Distributions, excluding distributions on preferred interests classified as temporary equity	(1,875,845)	(314,944)	(3,337)	(3,836)	(2,197,962)
Distributions to noncontrolling other interest holders												(3,836)	(3,836)
Other comprehensive income	(191,645)	(31,934)			(223,579)			(191,645)				(31,934)	(223,579)
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016)	1,824,383	306,756	3,337	2,984	2,137,460					1,827,720		309,740	2,137,460
Balance at Dec. 31, 2015						43,733	31	(252,686)	9,384,450	(4,266,930)	(437,134)	744,905	5,216,369
Balance at Dec. 31, 2015	4,427,731	741,449	43,733	3,456	5,216,369
Increase (Decrease) in Stockholders' Equity
Exchange of limited partner units (5,020,919, 489,291,and 70,291 common shares respectively in 2016, 2015 and 2014, Note 10)							1		73,755			(73,756)
Series J preferred stock premium amortization			(328)		(328)	(328)							(328)
Limited partner units exchanged to units	73,756	(73,756)
Stock incentive program (common shares, net: 63,324 in 2016, 63,738 in 2015, 83,509 in 2014)									(14,139)		14,139
Amortization of stock incentive	12,024				12,024				12,024				12,024
Treasury stock purchase	(255,267)				(255,267)						(255,267)		(255,267)
Long-term incentive performance units		48,324			48,324							48,324	48,324
Issuance of unit equivalents and other	1,889	(2)		1,508	3,395					6,189	(4,300)	1,506	3,395
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	66,996	(66,996)							66,996			(66,996)
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests										(2,037,542)		(316,428)	(2,353,970)
Distributions, excluding distributions on preferred interests classified as temporary equity	(2,034,205)	(316,428)	(3,337)	(2,765)	(2,356,735)
Distributions to noncontrolling other interest holders												(2,765)	(2,765)
Other comprehensive income	138,560	25,080			163,640			138,560				25,080	163,640
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2016, 2015 and 2014, respectively and $4,301 attributable to noncontrolling redeemable interests in properties in 2016)	1,835,559	286,677	3,337	2,917	2,128,490					1,838,896		289,594	2,128,490
Balance at Dec. 31, 2016						$ 43,405	$ 32	$ (114,126)	$ 9,523,086	$ (4,459,387)	$ (682,562)	$ 649,464	$ 4,959,912
Balance at Dec. 31, 2016	$ 4,267,043	$ 644,348	$ 43,405	$ 5,116	$ 4,959,912

Consolidated Statements of Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Exchange of limited partner units, (in shares)	5,020,919	489,291	70,291
Stock incentive program, shares, net	63,324	63,738	83,509
Shares of common stock issued			25,545
Treasury stock purchase, shares or units	1,409,197	1,903,340
Shares repurchased	21,041	17,030
Net income attributable to preferred interests in the Operating Partnership (in dollars)	$ 1,915,000	$ 1,915,000	$ 1,915,000
Net income attributable to noncontrolling redeemable interests in properties (in dollars)	$ 4,301,000
Simon Property Group L.P.
Issuance of limited partner, units			555,150
Limited partner units exchanged to common units	5,020,919	489,291	70,291
Stock incentive program, units, net	63,324	63,738	83,509
Redemption of units		944,359	87,621
Treasury stock purchase, shares or units	1,409,197	1,903,340
Issuance of equivalents units	482,779	401,203	603,287
Issuance of common units	$ 21,041	$ 17,030	$ 25,545
Net income, attributable to preferred distributions on temporary equity preferred units (in dollars)	1,915,000	$ 1,915,000	$ 1,915,000
Net income attributable to noncontrolling redeemable interests in properties (in dollars)	$ 4,301,000

Organization

12 Months Ended

Dec. 31, 2016

Organization

Organization

1. Organization

Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.

We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2016, we owned or held an interest in 206 income‑producing properties in the United States, which consisted of 108 malls, 67 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2016, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. We also own an interest in six Designer Outlet properties in Europe and one Designer Outlet property in Canada, of which four properties are consolidated. Of the six properties in Europe, two are located in Italy and one each is located in Austria, Germany, the Netherlands, and the United Kingdom. As of December 31, 2016, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris‑based real estate company which owns, or has an interest in, shopping centers located in 16 countries in Europe.

We generate the majority of our revenues from leases with retail tenants, including:

base minimum rents,

overage and percentage rents based on tenants’ sales volume, and

recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures.

Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.

We also grow by generating supplemental revenues from the following activities:

establishing our properties as leading market resource providers for retailers and other businesses and consumer‑focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank‑issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,

offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,

selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and

generating interest income on cash deposits and investments in loans, including those made to related entities.

Basis of Presentation and Consolidation

12 Months Ended

Dec. 31, 2016

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

2. Basis of Presentation and Consolidation

The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated.

We consolidate properties that are wholly owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us.

We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2016 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During 2016 and 2015, we did not provide financial or other support to a previously identified VIE that we were not previously contractually obligated to provide.

Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non‑cash charges for depreciation and amortization.

As of December 31, 2016, we consolidated 134 wholly‑owned properties and 17 additional properties that are less than wholly‑owned, but which we control or for which we are the primary beneficiary. We account for the remaining 78 properties, or the joint venture properties, as well as our investment in Klépierre, Aéropostale, and HBS Global Properties, or HBS, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day‑to‑day operations of 57 of the 78 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Germany, Canada, and the United Kingdom comprise 17 of the remaining 21 properties. These international properties are managed by joint ventures in which we share control.

Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests.

Our weighted average ownership interest in the Operating Partnership was as follows:


	For the Year Ended
	December 31,
	2016		2015		2014
Weighted average ownership interest	86.5	%	85.6	%	85.5	%

As of December 31, 2016 and 2015, our ownership interest in the Operating Partnership was 86.9% and 85.7%, respectively. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership.

Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies.

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Investment Properties

We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows:


	For the Year Ended
	December 31,
		2016		2015		2014
Capitalized interest	$	31,250	$	32,664	$	16,500

We record depreciation on buildings and improvements utilizing the straight‑line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight‑line method over seven to ten years.

We review investment properties for impairment on a property‑by‑property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other‑than‑temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.

During the fourth quarter of 2016, we determined we would no longer pursue the construction of the Copley residential tower given a change in property approval dynamics, construction pricing in the Boston market and the continued increase in residential supply in the market. Accordingly, we recorded a charge of approximately $31.5 million related to the write-off of pre-development costs, which is included in other expenses in the accompanying statement of operations and comprehensive income.

Purchase Accounting

We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in‑place leases and we estimate:

the fair value of land and related improvements and buildings on an as‑if‑vacant basis,

the market value of in‑place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues,

the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and

the value of revenue and recovery of costs foregone during a reasonable lease‑up period, as if the space was vacant.

The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in‑place lease assets and other lease‑related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.

Discontinued Operations

On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime Group Inc., or Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of limited partnership interest in the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime.

The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties.

Summarized financial information for discontinued operations for the year ended December 31, 2014 is present below.


	For the Year Ended
	2014
TOTAL REVENUE	$	262,652

Property Operating		43,175
Depreciation and amortization		76,992
Real estate taxes		32,474
Repairs and maintenance		10,331
Advertising and promotion		3,340
Provision for credit losses		1,494
Other		2,028
Total operating expenses		169,834

OPERATING INCOME		92,818

Interest expense		(26,076)
Income and other taxes		(112)
Income from unconsolidated entities		652
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net		242

CONSOLIDATED NET INCOME		67,524

Net income attributable to noncontrolling interests		9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	57,743

Capital expenditures on a cash basis for the year ended December 31, 2014 were $31.9 million.

We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provided certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we managed, leased, and maintained those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime paid us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimbursed us for direct out-of-pocket costs and expenses and also paid us separate fees for any leasing and development services we provided. The property management agreements had an initial term of two years and terminated in 2016 upon the two-year anniversary of the spinoff.

We also provided certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it established its stand-alone processes for various activities that were previously provided by us. These services, which did not constitute significant continuing support of Washington Prime’s operations, included assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services were intended to allow us to recover costs of providing these services. The transition services agreement terminated in 2016 upon the two-year anniversary of the spinoff. Transitional services fees earned for 2016, 2015, and for the portion of 2014 subsequent to the spin-off were approximately $1.7 million, $5.7 million, and $3.2 million, respectively.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions.

Marketable and Non‑Marketable Securities

Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available‑for‑sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2016 and 2015, we had marketable securities of $156.2 million and $183.8 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of December 31, 2016 and 2015 were approximately $15.4 million and $12.6 million, respectively, and represent the valuation adjustments for our marketable securities.

The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 year to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.

Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015.

At December 31, 2016 and 2015, we had investments of $210.5 million and $181.4 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no material adjustment in the carrying value was required.

Fair Value Measurements

Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.

The marketable securities we held at December 31, 2016 and 2015 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs, which consist primarily of foreign currency forward contracts and interest rate swap agreements with a gross asset value of $43.9 million and $27.8 million at December 31, 2016 and 2015, respectively.

Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Gains on Issuances of Stock by Equity Method Investees

When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs.

In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre’s issuance of shares in connection with Klépierre’s acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.

Use of Estimates

We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.

Segment and Geographic Locations

Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. As discussed in Note 7, we consolidated various European assets in 2016. As of December 31, 2016, approximately 5.3% of our consolidated long-lived assets and 1.5% of our consolidated total revenues were located outside the United States. As of December 31, 2015, consolidated foreign located long-lived assets and total revenues were nominal.

Deferred Costs and Other Assets

Deferred costs and other assets include the following as of December 31:


	2016		2015
Deferred lease costs, net	$	250,261	$	240,229
In-place lease intangibles, net		153,015		188,219
Acquired above market lease intangibles, net		112,024		67,363
Marketable securities of our captive insurance companies		58,142		87,257
Goodwill		20,098		20,098
Other marketable and non-marketable securities		308,591		278,026
Prepaids, notes receivable and other assets, net		451,457		385,576
	$	1,353,588	$	1,266,768

Deferred Lease Costs

Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight‑line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows:


	2016		2015
Deferred lease costs	$	464,226	$	429,985
Accumulated amortization		(213,965)		(189,756)
Deferred lease costs, net	$	250,261	$	240,229

Amortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows:


	For the Year Ended December 31,
	2016		2015		2014
Amortization of deferred leasing costs	$	49,993	$	43,788	$	39,488

Intangibles

The average remaining life of in‑place lease intangibles is approximately 2.8 years and is being amortized on a straight‑line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 3.3 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $116.1 million and $117.8 million as of December 31, 2016 and 2015, respectively. The amount of amortization from continuing operations of above and below market leases, net, which increased revenue for the years ended December 31, 2016, 2015, and 2014, was $5.4 million, $13.6 million, and $11.3 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings.

Details of intangible assets as of December 31 are as follows:


	2016		2015
In-place lease intangibles	$	395,713	$	431,712
Accumulated depreciation		(242,698)		(243,493)
In-place lease intangibles, net	$	153,015	$	188,219

	2016		2015
Acquired above market lease intangibles	$	254,581	$	183,625
Accumulated amortization		(142,557)		(116,262)
Acquired above market lease intangibles, net	$	112,024	$	67,363

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2016 are as follows:


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2017	$	30,015	$	(27,675)	$	2,340
2018		24,345		(23,350)		995
2019		20,615		(19,080)		1,535
2020		15,950		(14,936)		1,014
2021		7,355		(9,851)		(2,496)
Thereafter		17,861		(17,132)		729
	$	116,141	$	(112,024)	$	4,117

Derivative Financial Instruments

We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

As of December 31, 2016, we had the following outstanding interest rate derivative:

The carrying value of our interest rate swap agreement, at fair value, as of December 31, 2016, is a net asset balance of $21.1 million, all of which is included in deferred costs and other assets. We generally do not apply hedge accounting to interest rate caps which had a nominal value at December 31, 2016. As of December 31, 2015, we had no outstanding interest rate derivatives.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.

We had the following Euro:USD forward contracts at December 31, 2016 and December 31, 2015 (in millions):


			Asset Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2016		2015
€	50.00	August 12, 2016	$	—	$	13.0
€	50.00	August 11, 2017		15.5		13.0
€	50.00	May 15, 2019		3.9		1.8
€	50.00	May 15, 2019		1.5		—
€	50.00	May 15, 2020		1.1		—
€	50.00	May 14, 2021		0.6		—

Asset balances in the above table are included in deferred costs and other assets. We have designated the above as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

The total gross accumulated other comprehensive income (loss) related to our derivative activities, including our share of the other comprehensive income (loss) from joint venture properties, approximated $35.0 million and ($17.7) million as of December 31, 2016 and 2015, respectively.

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate.

Our revenues that will be impacted by this standard primarily include management, development, leasing and financing fee revenues for services performed related to various domestic joint ventures that we manage, licensing fees earned from various international properties, sales of real estate including land parcels or operating properties, and other ancillary income earned at our properties. In 2016, these revenues were less than 7.0% of consolidated revenue. We expect that the amount and timing of revenue recognition from our joint venture management services referenced above and licensing fee arrangements will be generally consistent with our current measurement and pattern of recognition. In addition, we do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not constitute a significant part of our revenue and cash flows. As a result, we do not expect the adoption of this standard to have a significant impact on our consolidated financial statements.

We expect to adopt the standard using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of adoption. The new standard is effective for us beginning with the first quarter of 2018.

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. We adopted this standard as required on January 1, 2016. All reporting entities involved with limited partnerships and similar entities were required to re-evaluate whether these entities, including the Operating Partnership, are subject to the variable interest model or the voting model and whether they qualify for consolidation. The adoption of this new standard did not result in any material changes to our consolidated financial statements or disclosures, including the disclosures related to the Operating Partnership.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We adopted this standard as required on January 1, 2016, resulting in a reclassification of $85.5 million from deferred costs and other assets to a reduction of the carrying amount of mortgages and other unsecured indebtedness.

In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their equity investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, "Leases," which will result in lessees recognizing most leased assets and corresponding lease liabilities on the balance sheet. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and nonlease revenue components. Leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02.

Substantially all of our revenue and the revenues of our equity method investments are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, particularly those that relate to consideration from non-lease components, may be affected. Upon adoption of ASU 2016-02, consideration related to these non-lease components will be accounted for using the guidance in ASU 2014-09. Further, leases of land and other arrangements where we are the lessee will be recognized on our balance sheet. We will adopt ASU 2016-02 beginning in the first quarter of 2019 using the modified retrospective approach required by the standard. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses," which introduces new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us in fiscal years beginning after December 15, 2019. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations: Clarifying the Definition of a Business”, which amends guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business, likely resulting in more acquisitions being accounted for as asset acquisitions. There are certain differences in accounting under these models, including the capitalization of transaction expenses in an asset acquisition. The standard is effective for annual periods beginning after December 15, 2018. We will early adopt this standard prospectively as of January 1, 2017 as permitted under the standard.

Noncontrolling Interests

Simon

Details of the carrying amount of our noncontrolling interests are as follows as of December 31:




	2016		2015
Limited partners’ interests in the Operating Partnership	$	644,348	$	741,449
Nonredeemable noncontrolling interests in properties, net		5,116		3,456
Total noncontrolling interests reflected in equity	$	649,464	$	744,905

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

A rollforward of noncontrolling interests for the years ended December 31 is as follows:




	2016		2015		2014
Noncontrolling interests, beginning of period	$	744,905	$	858,328	$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		289,594		309,740		241,023
Distributions to noncontrolling interest holders		(319,193)		(318,780)		(290,705)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements		5,444		2,543		617
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings		19,629		(9,925)		1,568
Currency translation adjustments		(209)		(22,749)		(14,858)
Changes in available-for-sale securities and other		216		(1,803)		14,945
		25,080		(31,934)		2,272
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(66,996)		(101,480)		(211,657)
Units issued to limited partners		—		—		84,910
Units exchanged for common shares		(73,756)		(7,942)		(1,297)
Units redeemed		—		(14,843)		(1,463)
Long-term incentive performance units		48,324		47,279		49,938
Contributions by noncontrolling interests, net, and other		1,506		4,537		12,081
Noncontrolling interests, end of period	$	649,464	$	744,905	$	858,328

The Operating Partnership

Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership.

Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon.

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.

A rollforward of noncontrolling interests for the years ended December 31 is as follows:




	2016		2015		2014
Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period	$	3,456	$	(229)	$	4,264
Net income attributable to noncontrolling nonredeemable interests		2,917		2,984		2,491
Distributions to noncontrolling nonredeemable interestholders		(2,765)		(3,836)		(19,065)
Contributions by noncontrolling interests, net, and other		1,508		4,537		12,081
Noncontrolling nonredeemable interests (deficit) in properties, net — end of period	$	5,116	$	3,456	$	(229)

Accumulated Other Comprehensive Income (Loss)

Simon

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2016:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		losses, net		securities		Total
Beginning balance	$	(248,285)	$	(15,161)	$	10,760	$	(252,686)
Other comprehensive income (loss) before reclassifications		(28,437)		34,400		2,604		8,567
Amounts reclassified from accumulated other comprehensive income (loss)		118,858		11,135		—		129,993
Net current-period other comprehensive income (loss)		90,421		45,535		2,604		138,560
Ending balance	$	(157,864)	$	30,374	$	13,364	$	(114,126)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2016		2015		2014
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	(136,806)	$	—		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		17,948		—		—	Net income attributable to noncontrolling interests
	$	(118,858)	$	—		—


Accumulated derivative losses, net	$	(12,230)	$	(10,998)	$	(10,789)	Interest expense
		(586)		—			Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		1,681		1,577		1,568	Net income attributable to noncontrolling interests
	$	(11,135)	$	(9,421)	$	(9,221)

Realized gain on sale of marketable securities	$	—	$	80,187	$	—	Other income
		—		(11,502)		—	Net income attributable to noncontrolling interests
	$	—	$	68,685	$	—

The Operating Partnership

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2016:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		losses, net		securities		Total
Beginning balance	$	(289,866)	$	(17,704)	$	12,563	$	(295,007)
Other comprehensive income (loss) before reclassifications		(28,646)		39,844		2,820		14,018
Amounts reclassified from accumulated other comprehensive income (loss)		136,806		12,816		—		149,622
Net current-period other comprehensive income (loss)		108,160		52,660		2,820		163,640
Ending balance	$	(181,706)	$	34,956	$	15,383	$	(131,367)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2016		2015		2014
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	(136,806)	$	—	$	—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(136,806)	$	—	$	—

Accumulated derivative losses, net	$	(12,230)	$	(10,998)	$	(10,789)	Interest expense
		(586)		—		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(12,816)	$	(10,998)	$	(10,789)

Realized gain on sale of marketable securities	$	—	$	80,187	$	—	Other income
	$	—	$	80,187	$	—

Revenue Recognition

We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight‑line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight‑line method over the term of the related lease or occupancy term of the tenant, if shorter.

We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2016, for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed‑CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non‑fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred.

Management Fees and Other Revenues

Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the underlying activity.

Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro‑rata basis over the terms of the policies. Insurance losses on these policies and our self‑insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self‑insurance programs as of December 31, 2016 and 2015 approximated $83.5 million and $88.1 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiaries is included within the “Marketable and Non‑Marketable Securities” section above.

Allowance for Credit Losses

We record a provision for credit losses based on our judgment of a tenant’s creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years:


	For the Year Ended
	December 31,
	2016		2015		2014
Balance, beginning of period	$	30,094	$	33,282	$	32,681
Provision for credit losses		7,319		6,635		12,001
Accounts written off, net of recoveries		(14,915)		(9,823)		(11,400)
Balance, end of period	$	22,498	$	30,094	$	33,282

Income Taxes

Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute in excess of 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied.

We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property”. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income.

As a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our taxable REIT subsidiaries.

As of December 31, 2016, we had a net deferred tax liability of $265.7 million, which relates to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. Primarily, these differences were created through the consolidation of various European assets in 2016 as discussed further in Note 7. Additionally, we have deferred tax liabilities related to our TRS subsidiaries, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries. As of December 31, 2015, we had no net deferred tax asset or liability. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets.

We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income.

Corporate Expenses

Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees.

Real Estate Acquisitions and Dispositions	12 Months Ended
Real Estate Acquisitions and Dispositions	Dec. 31, 2016
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	4. Real Estate Acquisitions and Dispositions We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during 2016, 2015, and 2014. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 2016 Acquisitions On January 1, 2016, as discussed further in Note 7, we gained control of the European investee that held our interest in six Designer Outlet properties, requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million and which also resulted in the consolidation of two of the six properties, which had been previously unconsolidated. In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million. On July 25, 2016, as further discussed in Note 7, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice. The consolidation of these two properties resulted in a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $29.3 million. On April 14, 2016, as discussed further in Note 7, we acquired a 50% interest in The Shops at Crystals. 2015 Acquisitions On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, resulting in a valuation of investment property of $1.1 billion, net lease related intangibles of $3.6 million and mortgage debt premiums of $17.9 million. We amortize these amounts over the estimated life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturities, respectively. 2014 Acquisitions On April 10, 2014, as discussed further in Note 7, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units in the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property. On January 10, 2014, we acquired one of our partner’s interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated. 2016 Dispositions During 2016, we disposed of our interests in two unconsolidated multi-family residential investments, three consolidated retail properties, and four unconsolidated retail properties. Our share of the gross proceeds from these transactions was $81.8 million. The gain on the consolidated retail properties was $12.4 million. The gain on the unconsolidated retail properties was $22.6 million. The aggregate gain of $36.2 million from the sale of the two unconsolidated multi-family residential investments is included in other income and resulted in an additional $7.2 million in taxes included in income and other taxes. As discussed in Note 7, Klépierre disposed of its interest in certain Scandinavian properties during the fourth quarter resulting in a gain of which our share was $8.1 million. 2015 Dispositions During 2015, we disposed of our interests in three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $43.6 million. 2014 Dispositions During 2014, we disposed of our interests in three consolidated retail properties. The aggregate gain recognized on these transactions was approximately $21.8 million. On September 26, 2014, we sold our investment in a hotel located at Coconut Point in Estero, Florida. The gain from this sale was $4.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income.

Per Share and Per Unit Data

12 Months Ended

Dec. 31, 2016

Per Share and Per Unit Data

Per Share and Per Unit Data

5. Per Share and Per Unit Data

We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the computation of basic and diluted earnings per share and basic and diluted earnings per unit.

Simon


	For the Year Ended December 31,
	2016		2015		2014
Net Income attributable to Common Stockholders — Basic and Diluted	$	1,835,559	$	1,824,383	$	1,405,251
Weighted Average Shares Outstanding — Basic and Diluted		312,690,756		310,102,746		310,731,032

For the year ended December 31, 2016, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2016, 2015, and 2014. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


	For the Year Ended December 31,
	2016		2015		2014
Net Income attributable to Unitholders — Basic and Diluted	$	2,122,236	$	2,131,139	$	1,643,783
Weighted Average Units Outstanding — Basic and Diluted		361,526,633		362,244,154		363,475,504

For the year ended December 31, 2016, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2016, 2015, and 2014. We accrue distributions when they are declared.

The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows:


	For the Year Ended
	December 31,
	2016			2015			2014
Total dividends/distributions paid per common share/unit	$	6.50		$	6.05		$	5.15
Percent taxable as ordinary income		99.70	%		94.30	%		100.00	%
Percent taxable as long-term capital gains		0.30	%		5.70	%		0.00	%
		100.00	%		100.00	%		100.00	%

In January 2017, Simon’s Board of Directors declared a quarterly cash dividend of $1.75 per share of common stock payable on February 28, 2017 to stockholders of record on February 14, 2017. The Operating Partnership’s distribution rate on our units is equal to the dividend rate on Simon’s common stock.

Investment Properties

12 Months Ended

Dec. 31, 2016

Investment Properties

Investment Properties

6. Investment Properties

Investment properties consist of the following as of December 31:


	2016		2015
Land	$	3,568,935	$	3,417,716
Buildings and improvements		31,329,007		29,715,169
Total land, buildings and improvements		34,897,942		33,132,885
Furniture, fixtures and equipment		328,147		330,239
Investment properties at cost		35,226,089		33,463,124
Less — accumulated depreciation		10,865,754		9,915,386
Investment properties at cost, net	$	24,360,335	$	23,547,738
Construction in progress included above	$	506,211	$	663,271

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 40
-Section 40
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=68051746&loc=d3e18551-111553

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2016

Investment in Unconsolidated Entities

Investments in Unconsolidated Entities

7. Investments in Unconsolidated Entities

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 78 properties as of December 31, 2016 and 81 properties as of December 31, 2015.

Certain of our joint venture properties are subject to various rights of first refusal, buy‑sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash, borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2016 and 2015, we had construction loans and other advances to related parties totaling $12.3 million and $13.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Property Transactions

On September 15, 2016, we and our partners, through two separate joint ventures, acquired certain assets and liabilities of Aéropostale, a retailer of apparel and accessories, out of bankruptcy. Our noncontrolling interest in the retail operations venture and in the licensing venture is 49.05% and 28.45%, respectively. Our aggregate investment in the ventures was $33.1 million, which includes our share of working capital funded into the retail business.

On April 14, 2016, we and a joint venture partner completed the acquisition of The Shops at Crystals, a luxury shopping center on the Las Vegas Strip, for $1.1 billion. The transaction was funded with a combination of cash on hand, cash from our partner, and a $550.0 million 3.74% fixed-rate mortgage financing that will mature on July 1, 2026. We have a 50% noncontrolling interest in this joint venture and will manage the day-to-day operations. Substantially all of our investment has been determined to relate to investment property based on estimated fair values at the acquisition date.

On April 5, 2016, Quaker Bridge Mall, in which we own a 50% noncontrolling interest, completed a $180.0 million mortgage financing with a fixed interest rate of 4.50% that matures on May 1, 2026. Proceeds of approximately $180.0 million from the financing were distributed to the joint venture partners in April 2016.

On July 22, 2015, we closed on our previously announced transaction with Hudson’s Bay Company, or HBC, to which HBC contributed 42 properties in the U.S. and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed entity, HBS. As of December 31, 2016, we have funded $30.6 million of this commitment. On September 30, 2015, HBC announced it had closed on the acquisition of Galeria Holding, the parent company of Germany’s leading department store, Kaufhof. In conjunction with the closing, HBS acquired 41 Kaufhof properties in Germany from HBC. All of these properties have been leased to affiliates of HBC. We contributed an additional $178.5 million to HBS upon closing of the Galeria Holding transaction. Our noncontrolling equity interest in HBS is approximately 10.2% at December 31, 2016. Our share of net income, net of amortization of our excess investment, was $2.6 million and $15.2 million for the three and twelve months ended December 31, 2016, respectively. Total assets and total liabilities of HBS as of December 31, 2016 were $4.3 billion and $2.8 billion, respectively, and its total revenues, operating income and consolidated net income were approximately $409.8 million, $233.2 million and $128.7 million, respectively, for the twelve months ended December 31, 2016.

On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in the joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture for any recaptured space. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, or Seritage, a public REIT formed by Sears, which we account for as an available-for-sale security. Seritage now holds Sears’ interest in the joint venture.

On January 30, 2014, as discussed in Note 4, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property.

International Investments

We conduct our international operations through joint venture arrangements and account for all of our international joint venture investments using the equity method of accounting.

European Investments. At December 31, 2016, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $39.50 per share. On July 29, 2014, Klépierre announced that it had entered into a conditional agreement to acquire Corio pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015, the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%, resulting in a non-cash gain of $206.9 million that was required to be recognized in the first quarter of 2015 as if we had sold a proportionate share of our investment. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to this additional purchase has been determined to relate to investment property. Our share of net income, net of amortization of our excess investment, was $41.5 million, $6.7 million and $131.5 million for the year ended December 31, 2016, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP, Klépierre’s total assets, total liabilities, and noncontrolling interests were $19.8 billion, $11.8 billion, and $1.4 billion, respectively, as of December 31, 2016 and $20.8 billion, $12.4 billion, and $1.4 billion, respectively, as of December 31, 2015. Klépierre’s total revenues, operating income and consolidated net income were approximately $1.5 billion, $449.9 million and $310.9 million, respectively, for the year ended December 31, 2016, $1.5 billion, $414.8 million and $181.2 million, respectively, for the year ended December 31, 2015, and $1.2 billion, $432.1 million and $1.3 billion, respectively, for the year ended December 31, 2014.

During the fourth quarter of 2016, Klépierre completed the disposal of certain Scandinavian properties. In connection with these transactions, we recorded a gain of $8.1 million, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.

On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre’s group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.

We had an interest in a European investee that had interests in six Designer Outlet properties, as of December 31, 2015. On January 1, 2016, we gained control of the entity through terms of the underlying venture agreement requiring a remeasurement of our previously held equity interest to fair value and a corresponding non-cash gain of $12.1 million in earnings during the first quarter of 2016, which includes amounts reclassified from accumulated other comprehensive income (loss) related to the currency translation adjustment previously recorded on our investment. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. As a result of the change in control, we consolidated two of the six outlet properties on January 1, 2016. The consolidation required us to recognize the entity's identifiable assets and liabilities at fair value in our consolidated financial statements along with the related redeemable noncontrolling interest representing our partners' share. The fair value of the consolidated assets and liabilities relates primarily to investment property, investments in unconsolidated entities and assumed mortgage debt. Due to certain redemption rights held by our venture partner, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheet outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheet within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. As of December 31, 2016, our legal percentage ownership interests in these entities ranged from 45% to 90%.

In February 2016, we and our partner, through this European investee, acquired a noncontrolling 75.0% ownership interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $38.3 million.

On July 25, 2016, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice, as well as the remaining interests in related expansion projects and working capital for cash consideration of €145.5 million. This resulted in the consolidation of these two properties on the acquisition date, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain of $29.3 million in earnings during the third quarter of 2016. The gain is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. The determination of fair value of the consolidated assets and liabilities consists primarily of investment property and lease related intangibles.

In addition, we have a noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties.

We also have minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets located throughout Europe and we have a direct minority ownership in three of those outlets. Our investment in these entities is accounted for under the cost method. The carrying value of these non-marketable investments was $140.8 million and $115.4 million at December 31, 2016 and December 31, 2015, respectively, and is included in deferred costs and other assets.

On March 19, 2015, we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income.

Asian Joint Ventures. We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $227.5 million and $224.6 million as of December 31, 2016 and 2015, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $130.9 million and $117.0 million as of December 31, 2016 and 2015, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of our equity method investments and share of income from such investments, excluding Klépierre, our investment in Aéropostale, and HBS, follows. During 2016, we disposed of four retail properties and our investments in two multi-family residential assets. During 2015, we disposed of three retail properties. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information.

BALANCE SHEETS


	December 31,		December 31,
	2016		2015
Assets:
Investment properties, at cost	$	17,549,078	$	17,186,884
Less - accumulated depreciation		5,892,960		5,780,261
		11,656,118		11,406,623
Cash and cash equivalents		778,455		818,805
Tenant receivables and accrued revenue, net		348,139		354,133
Deferred costs and other assets		351,098		482,024
Total assets	$	13,133,810	$	13,061,585
Liabilities and Partners’ Deficit:
Mortgages	$	14,237,576	$	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenue		867,003		985,159
Other liabilities		325,078		468,005
Total liabilities		15,429,657		15,280,379
Preferred units		67,450		67,450
Partners’ deficit		(2,363,297)		(2,286,244)
Total liabilities and partners’ deficit	$	13,133,810	$	13,061,585
Our Share of:
Partners’ deficit	$	(1,018,755)	$	(854,562)
Add: Excess Investment		1,791,691		1,788,749
Our net Investment in unconsolidated entities, at equity	$	772,936	$	934,187

“Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

As of December 31, 2016, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:


2017	$	552,579
2018		418,221
2019		704,496
2020		3,180,236
2021		1,832,371
Thereafter		7,607,451
Total principal maturities		14,295,354
Net unamortized debt premium		3,337
Debt issuance costs		(61,115)
Total mortgages and unsecured indebtedness	$	14,237,576

This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.26% to 9.35% and a weighted average interest rate of 3.97% at December 31, 2016.

STATEMENTS OF OPERATIONS



	For the Year Ended
	December 31,
	2016		2015		2014
REVENUE:
Minimum rent	$	1,823,674	$	1,801,023	$	1,746,549
Overage rent		200,638		191,249		183,478
Tenant reimbursements		862,155		799,420		786,351
Other income		237,782		236,726		293,419
Total revenue		3,124,249		3,028,418		3,009,797
OPERATING EXPENSES:
Property operating		538,002		530,798		574,706
Depreciation and amortization		588,666		594,973		604,199
Real estate taxes		239,917		231,154		221,745
Repairs and maintenance		76,380		73,286		71,203
Advertising and promotion		88,956		75,773		72,496
Provision for credit losses		7,603		4,153		6,527
Other		183,435		169,504		187,729
Total operating expenses		1,722,959		1,679,641		1,738,605
Operating Income		1,401,290		1,348,777		1,271,192
Interest expense		(585,958)		(593,187)		(598,900)
Income from Continuing Operations		815,332		755,590		672,292
Income from operations of discontinued joint venture interests		—		—		5,079
Gain on sale or disposal of assets and interests in unconsolidated entities, net		101,051		67,176		—
Net Income	$	916,383	$	822,766	$	677,371
Third-Party Investors’ Share of Net Income	$	452,844	$	405,456	$	348,127
Our Share of Net Income		463,539		417,310		329,244
Amortization of Excess Investment		(94,213)		(94,828)		(99,463)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(22,636)		(43,589)		—
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		(36,153)		—		—
Our Share of Loss from Unconsolidated Discontinued Operations		—		—		(652)
Income from Unconsolidated Entities	$	310,537	$	278,893	$	229,129

Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, our investment in Aéropostale, and HBS, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of assets and interests in unconsolidated entities, net is reflected within gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income.

2016 Dispositions

In 2016, we disposed of our interest in four retail properties and two multi-family residential investments. Our share of the net gain on disposition was $22.6 million and $36.2 million, respectively.

2015 Dispositions

In 2015, we disposed of our interests in three retail properties. Our share of the net gain on disposition was $43.6 million.

Indebtedness and Derivative Financial Instruments

12 Months Ended

Dec. 31, 2016

Debt

Indebtedness and Derivative Financial Instruments

8. Indebtedness and Derivative Financial Instruments

Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31:


	2016		2015
Fixed-Rate Debt:
Mortgage notes, including $21,916 and $44,594 net premiums and $15,965 and $11,225 debt issuance costs respectively. Weighted average interest and maturity of 4.15% and 7.0 years at December 31, 2016.	$	5,876,831	$	5,974,202
Unsecured notes, including $46,426 and $44,698 net discounts and $65,801 and $52,749 debt issuance costs, respectively. Weighted average interest and maturity of 3.37% and 8.2 years at December 31, 2016.		15,252,834		13,477,678
Commercial Paper (see below)		953,665		878,657
Total Fixed-Rate Debt		22,083,330		20,330,537
Variable-Rate Debt:
Mortgages notes, including $690 and $913 debt issuance costs respectively. Weighted average interest and maturity of 2.10% and 2.8 years at December 31, 2016.		592,655		629,087
Unsecured Term Loan (see below), including $0 and $46 debt issuance costs respectively at December 31, 2016.		—		239,954
Credit Facility (see below), including $15,380 and $20,558 debt issuance costs respectively at December 31, 2016.		301,119		1,217,104
Total Variable-Rate Debt		893,774		2,086,145
Total Mortgages and Unsecured Indebtedness	$	22,977,104	$	22,416,682

General. Our unsecured debt agreements contain financial covenants and other non‑financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2016, we were in compliance with all covenants of our unsecured debt.

At December 31, 2016, we or our subsidiaries were the borrowers under 45 non‑recourse mortgage notes secured by mortgages on 48 properties, including two separate pools of cross‑defaulted and cross‑collateralized mortgages encumbering a total of five properties. Under these cross‑default provisions, a default under any mortgage included in the cross‑defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non‑financial covenants which are specific to the properties which serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At December 31, 2016, the applicable borrowers under these non‑recourse mortgage notes were in compliance with all covenants where non‑compliance could individually, or giving effect to applicable cross‑default provisions in the aggregate, have a material adverse effect on our financial condition, liquidity or results of operations.

Unsecured Debt

At December 31, 2016, our unsecured debt consisted of $15.4 billion of senior unsecured notes of the Operating Partnership, $316.5 million outstanding under the Operating Partnership’s $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and $953.7 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program. The December 31, 2016 balance on the Credit Facility included $191.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At December 31, 2016, the outstanding amount under the Commercial Paper program was $953.7 million, of which $79.3 million was related to the U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Supplemental Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.

On December 31, 2016, we had an aggregate available borrowing capacity of $6.2 billion under the Supplemental Facility and the Operating Partnership’s $4.0 billion unsecured revolving credit facility, or Credit Facility, and together with the Supplemental Facility, the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the year ended December 31, 2016 was $1.5 billion and the weighted average outstanding balance was $596.4 million. Letters of credit of $18.8 million were outstanding under the Credit Facilities as of December 31, 2016.

The Credit Facility’s initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points.

On April 6, 2016, the Operating Partnership amended the Supplemental Facility to, among other matters, (i) exercise its $750.0 million accordion feature such that the Supplemental Facility’s borrowing capacity has been increased from $2.75 billion to $3.50 billion and (ii) add a new $750.0 million accordion feature to permit us to further increase the Supplemental Facility’s borrowing capacity to $4.25 billion during its term. The initial maturity date of the Supplemental Facility is June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the amended Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars.

The Operating Partnership also has available a Commercial Paper program of $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2016, we had $953.7 million outstanding under the Commercial Paper program, comprised of $874.4 million outstanding in U.S. dollar denominated notes and $79.3 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.83% and -0.25%, respectively. The borrowings mature on various dates from January 3, 2017 to June 16, 2017 and reduce amounts otherwise available under the Credit Facilities.

On January 13, 2016, the Operating Partnership issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of July 15, 2021 and $800.0 million of senior unsecured notes at a fixed interest rate of 3.30% with a maturity date of January 15, 2026. Proceeds from the unsecured notes offering were used to pay down the Credit Facility, unencumber three properties and redeem senior unsecured notes at par in February 2016.

On May 13, 2016, a wholly-owned subsidiary of the Operating Partnership issued ‎€500.0 million ($566.7 million U.S. dollar equivalent) of senior unsecured notes at a fixed interest rate of 1.25% with a maturity date of May 13, 2025. Proceeds from the unsecured notes offering were used to pay down the Euro-denominated borrowings on the Credit Facilities and to repay at maturity the Euro-denominated borrowings under the Commercial Paper program, and for general corporate purposes.

On November 23, 2016, the Operating Partnership issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.35% with a maturity date of January 30, 2022, $750.0 million of senior unsecured notes at a fixed interest rate of 3.25% with a maturity date of November 30, 2026 and $550.0 million of senior unsecured notes at a fixed interest rate of 4.25% with a maturity date of November 30, 2046. Proceeds from the unsecured notes offering were used to pay down the Supplemental Facility, to redeem senior unsecured notes at par in December 2016 and for the early redemption of senior unsecured notes in December 2016.

During 2016, the Operating Partnership repaid a $240.0 million unsecured term loan, redeemed at par or repaid at maturity $1.2 billion of senior unsecured notes with fixed interest rates ranging from 2.80% to 6.10% and completed the early redemption of a series of senior unsecured notes comprising $650.0 million with a fixed interest rate of 10.35%. We recorded a $136.8 million loss on extinguishment of debt in the fourth quarter of 2016 as a result of the early redemption.

Mortgage Debt

Total mortgage indebtedness was $6.5 billion and $6.6 billion at December 31, 2016 and 2015, respectively.

During the year ended December 31, 2016, we repaid $638.9 million in mortgage loans, with a weighted average interest rate of 7.03%, unencumbering six properties.

On January 1, 2016, as discussed in Note 7, we consolidated the European investee that held our interests in six Designer Outlet properties, as we gained control of the entity. This resulted in the consolidation of two of the six operating properties – Parndorf Designer Outlet and Roermond Designer Outlet, subject to existing acquisition date EURIBOR-based variable mortgage loans of $100.6 million and $196.8 million, respectively (both amounts U.S. dollar equivalents). The loans mature on May 25, 2022 and December 18, 2021 and bear interest at 1.90% and 1.88%, respectively.

On July 25, 2016, as discussed in Note 7, this European investee also acquired the remaining 33% interest in two Italian outlet centers in Naples and Venice as well as the remaining interests in related expansion projects. This resulted in the consolidation of these two properties – La Reggia Designer Outlet and Venice Designer Outlet, subject to existing acquisition date EURIBOR-based variable rate mortgage loans of $62.1 million and $89.0 million, respectively (both amounts U.S. dollar equivalents). The loans mature on March 31, 2027 and June 30, 2020, respectively, and bear interest at 1.13% and 1.68%, respectively.

Debt Maturity and Other

Our scheduled principal repayments on indebtedness as of December 31, 2016 are as follows:


2017	$	2,233,249
2018		802,806
2019		742,323
2020		3,563,396
2021		2,740,755
Thereafter		13,016,921
Total principal maturities		23,099,450
Net unamortized debt discount		(24,510)
Debt issuance costs, net		(97,836)
Total mortgages and unsecured indebtedness	$	22,977,104

Our cash paid for interest in each period, net of any amounts capitalized, was as follows:


	For the Year Ended December 31,
	2016		2015		2014
Cash paid for interest	$	887,118	$	943,683	$	1,018,911

Derivative Financial Instruments

Our exposure to market risk due to changes in interest rates primarily relates to our long‑term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.

We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement.

The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $35.4 million and $60.8 million as of December 31, 2016 and 2015, respectively. As of December 31, 2016, our outstanding LIBOR based derivative contracts consisted of an interest rate swap agreement with a notional amount of $250.0 million. As of December 31, 2015, we had no outstanding interest rate derivatives.

Within the next year, we expect to reclassify to earnings approximately $9.2 million of losses related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).

Debt Issuance Costs

Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows:


	2016		2015
Debt issuance costs	$	166,041	$	137,876
Accumulated amortization		(68,205)		(52,385)
Debt issuance costs, net	$	97,836	$	85,491

We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows:


		For the Year Ended December 31,
	2016		2015		2014
Amortization of debt issuance costs	$	21,703	$	19,349	$	21,392
Amortization of debt premiums, net discounts		(14,583)		(16,107)		(24,092)

Fair Value of Debt

The carrying value of our variable‑rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed‑rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed‑rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed‑rate mortgages and unsecured indebtedness including commercial paper was $22.1 billion and $20.4 billion as of December 31, 2016 and 2015, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:



	2016			2015
Fair value of fixed-rate mortgages and unsecured indebtedness	$	22,703		$	21,331
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		4.12	%		3.46	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.83	%		3.59	%

Rentals under Operating Leases

12 Months Ended

Dec. 31, 2016

Rentals under Operating Leases

Rentals under Operating Leases

9. Rentals under Operating Leases

Future minimum rentals to be received under non‑cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2016 are as follows:


2017	$	2,859,314
2018		2,586,515
2019		2,299,751
2020		2,067,586
2021		1,778,677
Thereafter		4,740,742
	$	16,332,585

Equity

12 Months Ended

Dec. 31, 2016

Equity

Equity

10. Equity

Simon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock.

Holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders.

Common Stock and Unit Issuances and Repurchases

In 2016, Simon issued 5,020,919 shares of common stock to fourteen limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. These transactions increased Simon’s ownership interest in the Operating Partnership.

On April 2, 2015, Simon’s Board of Directors authorized Simon to repurchase up to $2.0 billion of common stock over a twenty-four month period as market conditions warrant, and on February 13, 2017, Simon’s Board of Directors authorized a two-year extension of the program to March 31, 2019. Simon may repurchase the shares in the open market or in privately negotiated transactions. During the year ended December 31, 2016, Simon repurchased 1,409,197 shares at an average price of $181.14 per share as part of this program. During the year ended December 31, 2015, Simon repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon.

Temporary Equity

Simon

We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, we classify one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below.

Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require us to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity.

The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2016 and 2015. The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31.


	2016		2015

7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests in properties		112,225		—
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	137,762	$	25,537

7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. These preferred units have a carrying value of $25.5 million and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2016 and 2015.

The Operating Partnership

We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, we classify one series of preferred units and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below.

Noncontrolling Redeemable Interests in Properties Redeemable instruments, which typically represent the remaining interest in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within equity. There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2016 and 2015. The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31.


	2016		2015

7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests in properties		112,225		—
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	137,762	$	25,537

7.50% Cumulative Redeemable Preferred Units The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually. We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election. In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon. These preferred units have a carrying value of $25.5 million and are included in preferred units, at liquidation value in the consolidated balance sheets at December 31, 2016 and 2015.

Permanent Equity

Simon

Preferred Stock. Dividends on all series of preferred stock are calculated based upon the preferred stock’s preferred return multiplied by the preferred stock’s corresponding liquidation value. The Operating Partnership pays preferred distributions to Simon equal to the dividends Simon pays on the preferred stock issued.

Series J 83/₈% Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 83/₈% per share. Simon can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2016 and 2015 was $3.6 million and $3.9 million, respectively.

The Operating Partnership

Series J 83/₈% Cumulative Redeemable Preferred Units. Distributions accrue quarterly at an annual rate of 83/₈% per unit on the Series J 83/₈% preferred units, or Series J preferred units. Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock. The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred units at December 31, 2016 and 2015 was $3.6 million and $3.9 million, respectively. There are 1,000,000 Series J preferred units authorized and 796,948 issued and outstanding.

Other Equity Activity

Notes Receivable from Former CPI Stockholders. Notes receivable of $14.8 million from stockholders of an entity we acquired in 1998 are reflected as a deduction from capital in excess of par value in the Simon consolidated statements of equity and as a deduction from general partner’s equity in the Operating Partnership consolidated statements of equity in the accompanying financial statements. The notes do not bear interest and become due at the time the underlying shares are sold.

The Simon Property Group 1998 Stock Incentive Plan, as amended. This plan, or the 1998 plan, provides for the grant of equity‑based awards with respect to the equity of Simon in the form of options to purchase shares, stock appreciation rights, restricted stock grants and performance‑based unit awards. Options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of common stock have been reserved for issuance under the 1998 plan. Additionally, the partnership agreement requires Simon to purchase units for cash in an amount equal to the fair market value of such shares.

Administration. The 1998 plan is administered by the Compensation Committee of Simon’s Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three‑year period and expire ten years from the date of grant.

Awards and Compensation for Eligible Directors. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $100,000, and an annual restricted stock award with a grant date value of $150,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation, and Nominating and Governance Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Nominating and Governance Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock.

Restricted stock awards vest in full after one year. Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director.

Stock Based Compensation

Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are all performance-based and are based on various individual, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income.

LTIP Programs. Every year since 2010, the Compensation Committee has approved long‑term, performance-based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the second and third years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two‑class method of computing earnings per share.

From 2010 to 2016, the Compensation Committee approved LTIP unit grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows:


LTIP Program	LTIP Units Earned	Grant Date Fair Value
2010 LTIP program
1-year 2010 LTIP program	133,673	1-year program — $7.2 million
2-year 2010 LTIP program	337,006	2-year program — $14.8 million
3-year 2010 LTIP program	489,654	3-year program — $23.0 million
2011-2013 LTIP program	469,848	$35.0 million
2012-2014 LTIP program	401,203	$35.0 million
2013-2015 LTIP program	482,779	$29.5 million
2014-2016 LTIP program	To be determined in 2017	$30.0 million
2015-2017 LTIP program	To be determined in 2018	$27.4 million
2016-2018 LTIP program	To be determined in 2019	$28.8 million

We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $31.0 million, $24.9 million, and $27.6 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Restricted Stock. The 1998 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return‑based performance measures established by the Compensation Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three‑year or a four‑year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2016 a total of 5,658,007 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented:


	For the Year Ended
	December 31,
	2016		2015		2014
Shares of restricted stock awarded during the year, net of forfeitures		63,324		63,738		83,509
Weighted average fair value of shares granted during the year	$	209.16	$	197.17	$	166.36
Amortization expense	$	12,024	$	13,692	$	18,256

We recorded compensation expense, net of capitalization, related to restricted stock for employees and non-employee directors of approximately $9.1 million, $9.4 million, and $12.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, Simon’s Chairman and Chief Executive Officer, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as Simon’s Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company‑based performance goals, in addition to the service‑based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A units, 360,000 LTIP units, or the B units, and 280,000 LTIP units, or the C units, may become earned on December 31, 2015, December 31, 2016 and December 31, 2017, respectively. Based on the Company’s performance in 2015, 360,000 A units were earned. Based on the Company’s performance in 2016, 360,000 B units were earned. The earned A units will vest on January 1, 2018, earned B units will vest on January 1, 2019 and earned C units will vest on June 30, 2019, subject to Mr. Simon’s continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight‑year term of his employment agreement on a straight‑line basis based through the applicable vesting periods of the A units, B units and C units.

Since 2001, we have not granted any options to officers, directors or employees, except for a series of reload options we assumed as part of a prior business combination. As of December 31, 2014, there were no remaining options outstanding.

We also maintain a tax‑qualified retirement 401(k) savings plan and offer no other post‑retirement or post‑employment benefits to our employees.

Exchange Rights

Simon

Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one‑for‑one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2016, Simon had reserved 50,775,934 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock.

The Operating Partnership

Limited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption. If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies.

Commitments and Contingencies

11. Commitments and Contingencies

Litigation

We are involved from time‑to‑time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial position, liquidity, or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.

In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the primary insurer and remediation and restoration work has been completed. The property re‑opened on March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied our claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July and August 2015, trial on the damages portion of our claim was completed and the jury entered a verdict for damages in the amount of $204.1 million (inclusive of the $50.0 million previously paid by the primary carrier). In April 2016, the court entered final judgment in the amount of the jury verdict, which amount will bear interest from the date of the jury's verdict. We and the excess insurance carries have preserved their rights to appeal certain portions of the trial court’s rulings and the jury’s verdict, respectively. We will continue our efforts through the conclusion of the pending litigation including any and all appeals to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurance can be made that our efforts to recover these funds will be successful.

Lease Commitments

As of December 31, 2016, a total of 22 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2017 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2017 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows:


	For the Year Ended
	December 31,
	2016		2015		2014
Ground lease expense	$	38,764	$	38,851	$	39,898
Office lease expense		4,105		4,067		4,577

Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows:


2017	$	30,669
2018		30,570
2019		26,963
2020		24,327
2021		23,815
Thereafter		675,795
	$	812,139

Insurance

We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly‑owned captive insurance companies, Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. If required, a third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s policy. A similar policy written through our captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.

We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. The current U.S. federal laws which provide this coverage are expected to operate through 2020. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.

Guarantees of Indebtedness

Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non‑recourse to us. As of December 31, 2016 and 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $400.5 million and $353.7 million, respectively (of which we have a right of recovery from our venture partners of $87.3 million and $112.8 million, respectively). Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

Our malls, Premium Outlets and Mills rely heavily upon anchor tenants to attract customers; however, anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations managed by us are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions

Related Party Transactions

12. Related Party Transactions

Our management company provides management, insurance, and other services to Melvin Simon & Associates, Inc., a related party, unconsolidated joint ventures, and other non‑owned related party properties. Amounts for services provided by our management company and its affiliates to our unconsolidated joint ventures and other related parties were as follows:


	For the Year Ended
	December 31,
	2016		2015		2014
Amounts charged to unconsolidated joint ventures	$	138,496	$	154,098	$	133,730
Amounts charged to properties owned by related parties		5,384		4,324		4,393

During 2016, 2015 and 2014, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $14.4 million, $13.6 million and $13.7 million, respectively. Also during 2016, 2015 and 2014, we received fees related to financing activities, net of elimination, provided to unconsolidated joint ventures of $9.1 million, $2.3 million and $4.2 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

13. Quarterly Financial Data (Unaudited)

Quarterly 2016 and 2015 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding.


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2016
Total revenue	$	1,336,715	$	1,315,380	$	1,357,168	$	1,425,966
Operating income		684,901		659,236		676,191		700,501
Consolidated net income		563,839		527,325		587,940		455,602
SPG Inc.
Net income attributable to common stockholders	$	480,995	$	455,389	$	504,744	$	394,431
Net income per share — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average shares outstanding — Basic and Diluted		309,416,266		313,399,467		314,234,418		313,684,810
SPG L.P.
Net income attributable to unitholders	$	561,797	$	525,447	$	581,266	$	453,726
Net income per unit — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average units outstanding — Basic and Diluted		361,394,591		361,761,991		361,764,112		361,186,785
2015
Total revenue	$	1,216,235	$	1,349,110	$	1,320,137	$	1,380,621
Operating income		599,171		702,385		657,587		709,730
Consolidated net income		632,435		554,526		492,496		459,917
SPG Inc.
Net income attributable to common stockholders	$	539,134	$	472,944	$	420,009	$	392,297
Net income per share — Basic and Diluted	$	1.73	$	1.52	$	1.36	$	1.27
Weighted average shares outstanding — Basic and Diluted		311,101,297		310,498,911		309,417,298		309,418,757
SPG L.P.
Net income attributable to unitholders	$	630,432	$	552,604	$	490,344	$	457,759
Net income per unit — Basic and Diluted	$	1.73	$	1.52	$	1.36	$	1.27
Weighted average units outstanding — Basic and Diluted		363,784,004		362,762,067		361,234,111		361,234,804

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

SCHEDULE III

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Malls
Barton Creek Square	Austin, TX		—		2,903		20,929		7,983		71,575		10,886		92,504		103,390		58,843	1981
Battlefield Mall	Springfield, MO		122,131		3,919		27,231		3,000		64,291		6,919		91,522		98,441		67,333	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,112		10,464		51,735		62,199		30,309	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		—		48,624		39,500		257,826		297,326		127,932	1998	(4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		26,077		11,306		58,508		69,814		33,679	1994	(4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		19,600		103,748		66,200		407,366		473,566		199,546	1998	(4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		79,358		33,684		177,645		211,329		99,635	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		55,899		1,613		71,161		72,774		45,235	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		53,359		1,723		69,604		71,327		39,530	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		31,566		17,441		98,146		115,587		52,298	1987
Copley Place	Boston, MA		—		—		378,045		—		159,785		—		537,830		537,830		201,999	2002	(4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		22,661		13,556		116,291		129,847		82,854	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		65,397		25,947		138,488		164,435		62,510	1998	(4)
Domain, The	Austin, TX		191,842		40,436		197,010		—		142,088		40,436		339,098		379,534		125,788	2005
Empire Mall	Sioux Falls, SD		190,000		35,998		192,186		—		24,845		35,998		217,031		253,029		38,305	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		93,330		29,145		213,909		243,054		102,416	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		27,246		8,485		109,962		118,447		51,519	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		248,739		—		525,306		525,306		228,438	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		—		2,423		23,445		5,253		115,932		7,676		139,377		147,053		75,887	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		37,999		11,591		171,892		183,483		97,994	1998	(4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		42,025		5,042		87,823		92,865		47,374	1994	(4)
Ingram Park Mall	San Antonio, TX		133,092		733		16,972		37		25,383		770		42,355		43,125		28,012	1979
King of Prussia	King of Prussia (Philadelphia), PA		—		175,063		1,128,200		—		317,329		175,063		1,445,529		1,620,592		243,296	2003	(5)
La Plaza Mall	McAllen, TX		—		87,912		9,828		6,569		107,393		94,481		117,221		211,702		35,041	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		16,818		10,102		98,386		108,488		54,544	1995

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
Mall of Georgia	Buford (Atlanta), GA		—	47,492	326,633	—	5,700	47,492	332,333	379,825	149,660	1999	(5)
McCain Mall	N. Little Rock, AR		—	—	9,515	10,530	28,945	10,530	38,460	48,990	12,808	1973
Menlo Park Mall	Edison (New York), NJ		—	65,684	223,252	—	71,007	65,684	294,259	359,943	154,740	1997	(4)
Midland Park Mall	Midland, TX		78,807	687	9,213	—	24,849	687	34,062	34,749	20,276	1980
Miller Hill Mall	Duluth, MN		—	2,965	18,092	1,811	42,181	4,776	60,273	65,049	38,865	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000	27,105	86,915	—	62,597	27,105	149,512	176,617	59,216	2004	(5)
North East Mall	Hurst (Dallas), TX		—	128	12,966	19,010	149,629	19,138	162,595	181,733	102,679	1971
Northgate Mall	Seattle, WA		—	23,586	115,992	—	121,976	23,586	237,968	261,554	113,611	1987
Ocean County Mall	Toms River (New York), NJ		—	20,404	124,945	—	32,116	20,404	157,061	177,465	81,367	1998	(4)
Orland Square	Orland Park (Chicago), IL		—	35,514	129,906	—	52,261	35,514	182,167	217,681	95,615	1997	(4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		63,931	24,544	100,287	—	18,942	24,544	119,229	143,773	72,372	2003	(4)
Penn Square Mall	Oklahoma City, OK		310,000	2,043	155,958	—	50,801	2,043	206,759	208,802	109,149	2002	(4)
Pheasant Lane Mall	Nashua, NH		—	3,902	155,068	550	47,192	4,452	202,260	206,712	93,096	2004	(5)
Phipps Plaza	Atlanta, GA		—	15,005	210,610	—	65,446	15,005	276,056	291,061	131,792	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		225,000	15,493	279,560	—	63,728	15,493	343,288	358,781	135,962	2004	(4)
Prien Lake Mall	Lake Charles, LA		—	1,842	2,813	3,053	49,380	4,895	52,193	57,088	26,045	1972
Rockaway Townsquare	Rockaway (New York), NJ		—	41,918	212,257	—	46,283	41,918	258,540	300,458	128,446	1998	(4)
Roosevelt Field	Garden City (New York), NY		—	163,160	702,008	1,246	344,459	164,406	1,046,467	1,210,873	402,839	1998	(4)
Ross Park Mall	Pittsburgh, PA		—	23,541	90,203	—	90,762	23,541	180,965	204,506	107,322	1986
Santa Rosa Plaza	Santa Rosa, CA		—	10,400	87,864	—	27,312	10,400	115,176	125,576	56,048	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000	449	25,102	43,257	103,027	43,706	128,129	171,835	22,434	2002	(5)
Shops at Nanuet, The	Nanuet, NY		—	28,125	142,860	—	11,351	28,125	154,211	182,336	20,843	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000	13,521	238,746	—	44,174	13,521	282,920	296,441	43,357	2007	(4) (5)
South Hills Village	Pittsburgh, PA		—	23,445	125,840	1,472	58,731	24,917	184,571	209,488	86,316	1997	(4)
South Shore Plaza	Braintree (Boston), MA		—	101,200	301,495	959	162,436	102,159	463,931	566,090	210,327	1998	(4)
Southdale Center	Edina (Minneapolis), MN		150,206	40,172	184,967	—	45,675	40,172	230,642	270,814	39,374	2007	(4) (5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
St. Charles Towne Center	Waldorf (Washington, DC), MD		—	7,710	52,934	1,180	30,267	8,890	83,201	92,091	53,925	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—	—	339,537	—	123,251	—	462,788	462,788	148,063	2003	(4)
Summit Mall	Akron, OH		85,000	15,374	51,137	—	49,423	15,374	100,560	115,934	53,872	1965
Tacoma Mall	Tacoma (Seattle), WA		—	37,803	125,826	—	91,857	37,803	217,683	255,486	114,404	1987
Tippecanoe Mall	Lafayette, IN		—	2,897	8,439	5,517	47,804	8,414	56,243	64,657	41,595	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—	64,200	307,317	—	180,708	64,200	488,025	552,225	244,795	1998	(4)
Town Center at Cobb	Kennesaw (Atlanta), GA		191,885	32,355	158,225	—	19,686	32,355	177,911	210,266	101,821	1998	(5)
Towne East Square	Wichita, KS		—	8,525	18,479	4,108	45,486	12,633	63,965	76,598	44,430	1975
Treasure Coast Square	Jensen Beach, FL		—	11,124	72,990	3,067	38,213	14,191	111,203	125,394	64,440	1987
Tyrone Square	St. Petersburg (Tampa), FL		—	15,638	120,962	1,459	51,092	17,097	172,054	189,151	90,365	1972
University Park Mall	Mishawaka, IN		—	16,768	112,158	7,000	57,526	23,768	169,684	193,452	139,214	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		—	51,700	111,258	3,789	127,103	55,489	238,361	293,850	101,692	1998	(4)
White Oaks Mall	Springfield, IL		51,500	3,024	35,692	2,102	63,561	5,126	99,253	104,379	48,180	1977
Wolfchase Galleria	Memphis, TN		164,555	15,881	128,276	—	16,757	15,881	145,033	160,914	81,285	2002	(4)
Woodland Hills Mall	Tulsa, OK		88,943	34,211	187,123	—	28,499	34,211	215,622	249,833	114,697	2004	(5)

Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—	3,900	97,059	—	8,138	3,900	105,197	109,097	44,086	2004	(4)
Allen Premium Outlets	Allen (Dallas), TX		0	13855	43687	9137	26102	22992	69789	92781	28265	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—	2,370	24,326	—	5,796	2,370	30,122	32,492	20,649	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000	11,477	77,856	—	6,288	11,477	84,144	95,621	25,000	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—	16,670	224,721	395	66,193	17,065	290,914	307,979	113,760	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—	12,890	184,990	96	6,431	12,986	191,421	204,407	69,030	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		46,338	3,175	59,863	5,311	6,006	8,486	65,869	74,355	31,820	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		—	659	118,005	13,050	104,688	13,709	222,693	236,402	60,147	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—	14,117	71,520	—	4,934	14,117	76,454	90,571	27,685	2008
Clinton Crossing Premium Outlets	Clinton, CT		—	2,060	107,556	1,532	4,863	3,592	112,419	116,011	47,581	2004	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000	15,807	182,412	—	5,295	15,807	187,707	203,514	66,763	2010	(4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—	9,060	50,281	—	4,667	9,060	54,948	64,008	27,564	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—	9,630	194,122	—	11,038	9,630	205,160	214,790	84,512	2004	(4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		118,388	9,497	195,117	—	—	9,497	195,117	204,614	29,311	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000	6,421	121,880	—	5,506	6,421	127,386	133,807	46,129	2010	(4)
Gulfport Premium Outlets	Gulfport, MS		50,000	—	27,949	—	2,935	—	30,884	30,884	11,117	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		77,000	3,576	85,883	—	2,388	3,576	88,271	91,847	26,509	2010	(4)
Houston Premium Outlets	Cypress (Houston), TX		—	8,695	69,350	—	44,184	8,695	113,534	122,229	39,090	2007
Jackson Premium Outlets	Jackson (New York), NJ		—	6,413	104,013	3	6,502	6,416	110,515	116,931	40,932	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		—	15,390	50,979	—	75,435	15,390	126,414	141,804	46,191	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—	2,800	39,546	—	7,361	2,800	46,907	49,707	19,114	2004	(4)
Kittery Premium Outlets	Kittery, ME		—	11,832	94,994	—	8,888	11,832	103,882	115,714	36,365	2004	(4)
Las Americas Premium Outlets	San Diego, CA		—	45,168	251,878	—	8,010	45,168	259,888	305,056	71,448	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		—	25,435	134,973	16,536	147,906	41,971	282,879	324,850	91,466	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		—	13,085	160,777	—	31,173	13,085	191,950	205,035	65,281	2004	(4)
Lee Premium Outlets	Lee, MA		53,491	9,167	52,212	—	2,031	9,167	54,243	63,410	19,333	2010	(4)
Leesburg Corner Premium Outlets	Leesburg (Washington, DC), VA		—	7,190	162,023	—	5,647	7,190	167,670	174,860	71,037	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—	6,630	94,138	—	9,442	6,630	103,580	110,210	48,259	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		126,534	17,028	118,428	—	1,807	17,028	120,235	137,263	24,654	2012
Napa Premium Outlets	Napa, CA		—	11,400	45,023	—	4,740	11,400	49,763	61,163	21,443	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		—	2,143	36,197	—	4,125	2,143	40,322	42,465	15,146	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—	4,300	132,325	—	4,696	4,300	137,021	141,321	54,887	2004	(4)
Orlando International Premium Outlets	Orlando, FL		—	31,998	472,815	—	3,563	31,998	476,378	508,376	117,299	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		—	14,040	304,410	36,023	80,156	50,063	384,566	434,629	133,643	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—	13,322	13,710	—	3,267	13,322	16,977	30,299	9,971	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—	16,676	105,249	—	17,906	16,676	123,155	139,831	53,886	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—	—	63,448	—	—	—	63,448	63,448	12,969	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		36,823	4,317	19,044	—	1,944	4,317	20,988	25,305	8,821	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		—	16,823	126,686	—	5,407	16,823	132,093	148,916	36,143	2010	(4)
Puerto Rico Premium Outlets	Barceloneta, PR		125,000	20,586	114,021	—	5,188	20,586	119,209	139,795	32,768	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		64,689	8,129	61,950	—	4,424	8,129	66,374	74,503	19,697	2010	(4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—	12,229	41,547	—	31,760	12,229	73,307	85,536	36,098	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—	14,706	82,252	—	3,564	14,706	85,816	100,522	42,310	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—	21,925	308,694	40,046	51,642	61,971	360,336	422,307	47,062	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		—	13,180	287,179	—	8,831	13,180	296,010	309,190	73,112	2010	(4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—	—	103,722	—	55,046	—	158,768	158,768	58,507	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—	6,090	57,670	2	10,954	6,092	68,624	74,716	31,332	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		—	14,298	97,188	121	3,230	14,419	100,418	114,837	5,518	2015
The Crossings Premium Outlets	Tannersville, PA		112,647	7,720	172,931	—	15,841	7,720	188,772	196,492	69,205	2004	(4)
Tucson Premium Outlets	Marana (Tucson), AZ		—	12,508	69,677	—	5,259	12,508	74,936	87,444	4,196	2015
Vacaville Premium Outlets	Vacaville, CA		—	9,420	84,850	—	14,879	9,420	99,729	109,149	46,555	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—	22,630	77,316	—	19,727	22,630	97,043	119,673	36,337	2004	(4)
Waterloo Premium Outlets	Waterloo, NY		—	3,230	75,277	—	9,062	3,230	84,339	87,569	38,852	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000	10,323	223,789	—	5,858	10,323	229,647	239,970	55,852	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—	9,414	150,414	—	1,341	9,414	151,755	161,169	23,870	2013	(4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—	11,110	862,559	1,658	224,253	12,768	1,086,812	1,099,580	326,600	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—	4,900	282,031	—	10,709	4,900	292,740	297,640	113,849	2004	(4)

The Mills
Arizona Mills	Tempe (Phoenix), AZ		158,966	41,936	297,289	—	12,295	41,936	309,584	351,520	33,739	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		—	70,496	463,101	—	35,224	70,496	498,325	568,821	81,692	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		273,866	41,133	297,911	—	12,043	41,133	309,954	351,087	54,403	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		350,000	120,417	865,605	—	7,414	120,417	873,019	993,436	66,837	2015	(4)
Opry Mills	Nashville, TN		375,000	51,000	327,503	—	14,567	51,000	342,070	393,070	57,811	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000	61,755	425,370	—	35,791	61,755	461,161	522,916	81,498	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		—	194,002	1,641,153	5,395	114,530	199,397	1,755,683	1,955,080	278,169	2007	(4) (5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
					Initial Cost (3)			Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)			Land	Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Designer Outlets
La Reggia Designer Outlet	Marcianise (Naples), Italy		56,798		37,220		233,179		—		1,502		37,220		234,681		271,901		5,761	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		90,947		38,793		309,284		—		12,978		38,793		322,262		361,055		6,332	2013	(4) (5) (7)
Parndorf Designer Outlet	Vienna, Austria		97,293		14,903		221,442		—		1,048		14,903		222,490		237,393		10,565	2013	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		243,232		15,035		400,094		—		1,111		15,035		401,205		416,240		16,803	2013	(4) (5) (7)

Community Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		4,675		10,428		80,008		90,436		17,665	2011	(4)
University Park Village	Fort Worth, TX		55,000		18,031		100,523		—		3,271		18,031		103,794		121,825		7,244	2015	(4)

Other Properties
Bangor Mall	Bangor, ME		80,000		5,478		59,740		—		13,747		5,478		73,487		78,965		37,413	2004	(5)
Calhoun Outlet Marketplace	Calhoun, GA		19,316		1,745		12,529		—		1,625		1,745		14,154		15,899		7,464	2010	(4)
Florida Keys Outlet Marketplace	Florida City, FL		17,000		1,560		1,748		—		3,460		1,560		5,208		6,768		2,156	2010	(4)
Gaffney Outlet Marketplace	Gaffney (Greenville/Charlotte), SC		31,203		4,056		32,371		—		2,887		4,056		35,258		39,314		13,319	2010	(4)
Lebanon Outlet Marketplace	Lebanon (Nashville), TN		—		1,758		10,189		—		598		1,758		10,787		12,545		4,692	2010	(4)
Liberty Village Outlet Marketplace	Flemington (New York), NJ		—		5,670		28,904		—		2,000		5,670		30,904		36,574		23,429	2004	(4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		5,704		—		27,003		27,003		14,800	2003	(4)
Orlando Outlet Marketplace	Orlando, FL		—		3,367		1,557		—		2,171		3,367		3,728		7,095		1,550	2010	(4)
Osage Beach Outlet Marketplace	Osage Beach, MO		—		9,460		85,804		—		7,135		9,460		92,939		102,399		40,760	2004	(4)

Development Projects
Other pre-development costs			44,099		130,344		86,457		—		—		130,344		86,457		216,801		76
Other			—		2,615		14,047		—		—		2,615		14,047		16,662		7,094
Currency Translation Adjustment			—		(3,718)		(41,037)		—		—		(3,718)		(41,037)		(44,755)		(3,461)
		$	6,464,225	$	3,231,631	$	24,518,078	$	337,304	$	6,810,929	$	3,568,935	$	31,329,007	$	34,897,942	$	10,664,738

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2016

(Dollars in thousands)

All periods presented exclude properties which were spun-off to Washington Prime as further discussed in Note 3 to the consolidated financial statements.

(1)

Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2016, 2015, and 2014 are as follows:


	2016		2015		2014
Balance, beginning of year	$	33,132,885	$	31,014,133	$	30,048,230
Acquisitions and consolidations (7)		1,331,511		1,190,944		393,351
Improvements		658,734		995,964		791,453
Disposals and deconsolidations		(180,433)		(68,156)		(218,901)
Currency Translation Adjustment		(44,755)		—		—
Balance, close of year	$	34,897,942	$	33,132,885	$	31,014,133

The unaudited aggregate cost of real estate assets for U.S. federal income tax purposes as of December 31, 2016 was $29,601,501.

(2)

Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2016, 2015, and 2014 are as follows:


	2016		2015		2014
Balance, beginning of year	$	9,696,420	$	8,740,928	$	7,896,614
Depreciation expense (7)		1,089,347		1,018,078		997,482
Disposals and deconsolidations		(117,568)		(62,586)		(153,168)
Currency Translation Adjustment		(3,461)		—		—
Balance, close of year	$	10,664,738	$	9,696,420	$	8,740,928

Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.

Buildings and Improvements — typically 10‑35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

Tenant Allowances and Improvements — shorter of lease term or useful life.

(3)

Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4)

Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.

(5)

Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6)

Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

Represents the original cost and does not include subsequent currency translation adjustments.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies.

Investment Properties


	For the Year Ended
	December 31,
		2016		2015		2014
Capitalized interest	$	31,250	$	32,664	$	16,500

Purchase Accounting

the fair value of land and related improvements and buildings on an as‑if‑vacant basis,

the market value of in‑place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues,

the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and

the value of revenue and recovery of costs foregone during a reasonable lease‑up period, as if the space was vacant.

Discontinued Operations

Summarized financial information for discontinued operations for the year ended December 31, 2014 is present below.


	For the Year Ended
	2014
TOTAL REVENUE	$	262,652

Property Operating		43,175
Depreciation and amortization		76,992
Real estate taxes		32,474
Repairs and maintenance		10,331
Advertising and promotion		3,340
Provision for credit losses		1,494
Other		2,028
Total operating expenses		169,834

OPERATING INCOME		92,818

Interest expense		(26,076)
Income and other taxes		(112)
Income from unconsolidated entities		652
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net		242

CONSOLIDATED NET INCOME		67,524

Net income attributable to noncontrolling interests		9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	57,743

Capital expenditures on a cash basis for the year ended December 31, 2014 were $31.9 million.

Cash and Cash Equivalents

Marketable and Non-Marketable Securities

Marketable and Non‑Marketable Securities

Fair Value Measurements

Gains on Issuances of Stock by Equity Method Investees

Use of Estimates

Segment and Geographic Locations

Deferred Costs and Other Assets

Deferred costs and other assets include the following as of December 31:


	2016		2015
Deferred lease costs, net	$	250,261	$	240,229
In-place lease intangibles, net		153,015		188,219
Acquired above market lease intangibles, net		112,024		67,363
Marketable securities of our captive insurance companies		58,142		87,257
Goodwill		20,098		20,098
Other marketable and non-marketable securities		308,591		278,026
Prepaids, notes receivable and other assets, net		451,457		385,576
	$	1,353,588	$	1,266,768

Deferred Lease Costs


	2016		2015
Deferred lease costs	$	464,226	$	429,985
Accumulated amortization		(213,965)		(189,756)
Deferred lease costs, net	$	250,261	$	240,229


	For the Year Ended December 31,
	2016		2015		2014
Amortization of deferred leasing costs	$	49,993	$	43,788	$	39,488

Intangibles

Details of intangible assets as of December 31 are as follows:


	2016		2015
In-place lease intangibles	$	395,713	$	431,712
Accumulated depreciation		(242,698)		(243,493)
In-place lease intangibles, net	$	153,015	$	188,219

	2016		2015
Acquired above market lease intangibles	$	254,581	$	183,625
Accumulated amortization		(142,557)		(116,262)
Acquired above market lease intangibles, net	$	112,024	$	67,363

Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2016 are as follows:


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2017	$	30,015	$	(27,675)	$	2,340
2018		24,345		(23,350)		995
2019		20,615		(19,080)		1,535
2020		15,950		(14,936)		1,014
2021		7,355		(9,851)		(2,496)
Thereafter		17,861		(17,132)		729
	$	116,141	$	(112,024)	$	4,117

Derivative Financial Instruments

As of December 31, 2016, we had the following outstanding interest rate derivative:

We had the following Euro:USD forward contracts at December 31, 2016 and December 31, 2015 (in millions):


			Asset Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2016		2015
€	50.00	August 12, 2016	$	—	$	13.0
€	50.00	August 11, 2017		15.5		13.0
€	50.00	May 15, 2019		3.9		1.8
€	50.00	May 15, 2019		1.5		—
€	50.00	May 15, 2020		1.1		—
€	50.00	May 14, 2021		0.6		—

New Accounting Pronouncements

Noncontrolling Interests

Simon

Details of the carrying amount of our noncontrolling interests are as follows as of December 31:




	2016		2015
Limited partners’ interests in the Operating Partnership	$	644,348	$	741,449
Nonredeemable noncontrolling interests in properties, net		5,116		3,456
Total noncontrolling interests reflected in equity	$	649,464	$	744,905

A rollforward of noncontrolling interests for the years ended December 31 is as follows:




	2016		2015		2014
Noncontrolling interests, beginning of period	$	744,905	$	858,328	$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		289,594		309,740		241,023
Distributions to noncontrolling interest holders		(319,193)		(318,780)		(290,705)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements		5,444		2,543		617
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings		19,629		(9,925)		1,568
Currency translation adjustments		(209)		(22,749)		(14,858)
Changes in available-for-sale securities and other		216		(1,803)		14,945
		25,080		(31,934)		2,272
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(66,996)		(101,480)		(211,657)
Units issued to limited partners		—		—		84,910
Units exchanged for common shares		(73,756)		(7,942)		(1,297)
Units redeemed		—		(14,843)		(1,463)
Long-term incentive performance units		48,324		47,279		49,938
Contributions by noncontrolling interests, net, and other		1,506		4,537		12,081
Noncontrolling interests, end of period	$	649,464	$	744,905	$	858,328

The Operating Partnership

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.

A rollforward of noncontrolling interests for the years ended December 31 is as follows:




	2016		2015		2014
Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period	$	3,456	$	(229)	$	4,264
Net income attributable to noncontrolling nonredeemable interests		2,917		2,984		2,491
Distributions to noncontrolling nonredeemable interestholders		(2,765)		(3,836)		(19,065)
Contributions by noncontrolling interests, net, and other		1,508		4,537		12,081
Noncontrolling nonredeemable interests (deficit) in properties, net — end of period	$	5,116	$	3,456	$	(229)

Accumulated Other Comprehensive Income (Loss)

Simon

The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2016:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		losses, net		securities		Total
Beginning balance	$	(248,285)	$	(15,161)	$	10,760	$	(252,686)
Other comprehensive income (loss) before reclassifications		(28,437)		34,400		2,604		8,567
Amounts reclassified from accumulated other comprehensive income (loss)		118,858		11,135		—		129,993
Net current-period other comprehensive income (loss)		90,421		45,535		2,604		138,560
Ending balance	$	(157,864)	$	30,374	$	13,364	$	(114,126)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2016		2015		2014
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	(136,806)	$	—		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		17,948		—		—	Net income attributable to noncontrolling interests
	$	(118,858)	$	—		—


Accumulated derivative losses, net	$	(12,230)	$	(10,998)	$	(10,789)	Interest expense
		(586)		—			Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		1,681		1,577		1,568	Net income attributable to noncontrolling interests
	$	(11,135)	$	(9,421)	$	(9,221)

Realized gain on sale of marketable securities	$	—	$	80,187	$	—	Other income
		—		(11,502)		—	Net income attributable to noncontrolling interests
	$	—	$	68,685	$	—

The Operating Partnership

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2016:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		losses, net		securities		Total
Beginning balance	$	(289,866)	$	(17,704)	$	12,563	$	(295,007)
Other comprehensive income (loss) before reclassifications		(28,646)		39,844		2,820		14,018
Amounts reclassified from accumulated other comprehensive income (loss)		136,806		12,816		—		149,622
Net current-period other comprehensive income (loss)		108,160		52,660		2,820		163,640
Ending balance	$	(181,706)	$	34,956	$	15,383	$	(131,367)

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:


	2016		2015		2014
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	(136,806)	$	—	$	—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(136,806)	$	—	$	—

Accumulated derivative losses, net	$	(12,230)	$	(10,998)	$	(10,789)	Interest expense
		(586)		—		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(12,816)	$	(10,998)	$	(10,789)

Realized gain on sale of marketable securities	$	—	$	80,187	$	—	Other income
	$	—	$	80,187	$	—

Revenue Recognition

Management Fees and Other Revenues

Allowance for Credit Losses


	For the Year Ended
	December 31,
	2016		2015		2014
Balance, beginning of period	$	30,094	$	33,282	$	32,681
Provision for credit losses		7,319		6,635		12,001
Accounts written off, net of recoveries		(14,915)		(9,823)		(11,400)
Balance, end of period	$	22,498	$	30,094	$	33,282

Income Taxes

Corporate Expenses

Basis of Presentation and Consolidation (Tables)

12 Months Ended

Dec. 31, 2016

Basis of Presentation and Consolidation

Schedule of weighted average ownership interest in the operating partnership


	For the Year Ended
	December 31,
	2016		2015		2014
Weighted average ownership interest	86.5	%	85.6	%	85.5	%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Significant Accounting Policies

Schedule of interest capitalized


	For the Year Ended
	December 31,
		2016		2015		2014
Capitalized interest	$	31,250	$	32,664	$	16,500

Summarized financial information for discontinued operations


	For the Year Ended
	2014
TOTAL REVENUE	$	262,652

Property Operating		43,175
Depreciation and amortization		76,992
Real estate taxes		32,474
Repairs and maintenance		10,331
Advertising and promotion		3,340
Provision for credit losses		1,494
Other		2,028
Total operating expenses		169,834

OPERATING INCOME		92,818

Interest expense		(26,076)
Income and other taxes		(112)
Income from unconsolidated entities		652
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net		242

CONSOLIDATED NET INCOME		67,524

Net income attributable to noncontrolling interests		9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	57,743

Schedule of deferred costs and other assets


	2016		2015
Deferred lease costs, net	$	250,261	$	240,229
In-place lease intangibles, net		153,015		188,219
Acquired above market lease intangibles, net		112,024		67,363
Marketable securities of our captive insurance companies		58,142		87,257
Goodwill		20,098		20,098
Other marketable and non-marketable securities		308,591		278,026
Prepaids, notes receivable and other assets, net		451,457		385,576
	$	1,353,588	$	1,266,768

Schedule of deferred lease costs


	2016		2015
Deferred lease costs	$	464,226	$	429,985
Accumulated amortization		(213,965)		(189,756)
Deferred lease costs, net	$	250,261	$	240,229

Schedule of amortization from continuing operations, included in statements of operations and comprehensive income


	For the Year Ended December 31,
	2016		2015		2014
Amortization of deferred leasing costs	$	49,993	$	43,788	$	39,488

Schedule of intangible assets


	2016		2015
In-place lease intangibles	$	395,713	$	431,712
Accumulated depreciation		(242,698)		(243,493)
In-place lease intangibles, net	$	153,015	$	188,219

	2016		2015
Acquired above market lease intangibles	$	254,581	$	183,625
Accumulated amortization		(142,557)		(116,262)
Acquired above market lease intangibles, net	$	112,024	$	67,363

Schedule of estimated future amortization and the increasing (decreasing) effect on minimum rents for above and below market leases


	Below		Above		Impact to
	Market		Market		Minimum
	Leases		Leases		Rent, Net
2017	$	30,015	$	(27,675)	$	2,340
2018		24,345		(23,350)		995
2019		20,615		(19,080)		1,535
2020		15,950		(14,936)		1,014
2021		7,355		(9,851)		(2,496)
Thereafter		17,861		(17,132)		729
	$	116,141	$	(112,024)	$	4,117

Schedule of outstanding interest rate derivatives

Schedule of USD forward contracts


			Asset Value as of
			December 31,		December 31,
Notional Value		Maturity Date	2016		2015
€	50.00	August 12, 2016	$	—	$	13.0
€	50.00	August 11, 2017		15.5		13.0
€	50.00	May 15, 2019		3.9		1.8
€	50.00	May 15, 2019		1.5		—
€	50.00	May 15, 2020		1.1		—
€	50.00	May 14, 2021		0.6		—

Schedule of carrying amount of noncontrolling interests




	2016		2015
Limited partners’ interests in the Operating Partnership	$	644,348	$	741,449
Nonredeemable noncontrolling interests in properties, net		5,116		3,456
Total noncontrolling interests reflected in equity	$	649,464	$	744,905

Schedule of rollforward of noncontrolling interests




	2016		2015		2014
Noncontrolling interests, beginning of period	$	744,905	$	858,328	$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		289,594		309,740		241,023
Distributions to noncontrolling interest holders		(319,193)		(318,780)		(290,705)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements		5,444		2,543		617
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings		19,629		(9,925)		1,568
Currency translation adjustments		(209)		(22,749)		(14,858)
Changes in available-for-sale securities and other		216		(1,803)		14,945
		25,080		(31,934)		2,272
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership		(66,996)		(101,480)		(211,657)
Units issued to limited partners		—		—		84,910
Units exchanged for common shares		(73,756)		(7,942)		(1,297)
Units redeemed		—		(14,843)		(1,463)
Long-term incentive performance units		48,324		47,279		49,938
Contributions by noncontrolling interests, net, and other		1,506		4,537		12,081
Noncontrolling interests, end of period	$	649,464	$	744,905	$	858,328

Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		losses, net		securities		Total
Beginning balance	$	(248,285)	$	(15,161)	$	10,760	$	(252,686)
Other comprehensive income (loss) before reclassifications		(28,437)		34,400		2,604		8,567
Amounts reclassified from accumulated other comprehensive income (loss)		118,858		11,135		—		129,993
Net current-period other comprehensive income (loss)		90,421		45,535		2,604		138,560
Ending balance	$	(157,864)	$	30,374	$	13,364	$	(114,126)

Schedule of reclassifications out of accumulated other comprehensive income (loss)


	2016		2015		2014
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	(136,806)	$	—		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		17,948		—		—	Net income attributable to noncontrolling interests
	$	(118,858)	$	—		—


Accumulated derivative losses, net	$	(12,230)	$	(10,998)	$	(10,789)	Interest expense
		(586)		—			Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
		1,681		1,577		1,568	Net income attributable to noncontrolling interests
	$	(11,135)	$	(9,421)	$	(9,221)

Realized gain on sale of marketable securities	$	—	$	80,187	$	—	Other income
		—		(11,502)		—	Net income attributable to noncontrolling interests
	$	—	$	68,685	$	—

Schedule of activity in the allowance for credit losses


	For the Year Ended
	December 31,
	2016		2015		2014
Balance, beginning of period	$	30,094	$	33,282	$	32,681
Provision for credit losses		7,319		6,635		12,001
Accounts written off, net of recoveries		(14,915)		(9,823)		(11,400)
Balance, end of period	$	22,498	$	30,094	$	33,282

Simon Property Group L.P.

Significant Accounting Policies

Schedule of rollforward of noncontrolling interests




	2016		2015		2014
Noncontrolling nonredeemable interests (deficit) in properties, net — beginning of period	$	3,456	$	(229)	$	4,264
Net income attributable to noncontrolling nonredeemable interests		2,917		2,984		2,491
Distributions to noncontrolling nonredeemable interestholders		(2,765)		(3,836)		(19,065)
Contributions by noncontrolling interests, net, and other		1,508		4,537		12,081
Noncontrolling nonredeemable interests (deficit) in properties, net — end of period	$	5,116	$	3,456	$	(229)

Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest

The changes in accumulated other comprehensive income (loss) by component consisted of the following as of December 31, 2016:


					Net unrealized
	Currency		Accumulated		gains on
	translation		derivative		marketable
	adjustments		losses, net		securities		Total
Beginning balance	$	(289,866)	$	(17,704)	$	12,563	$	(295,007)
Other comprehensive income (loss) before reclassifications		(28,646)		39,844		2,820		14,018
Amounts reclassified from accumulated other comprehensive income (loss)		136,806		12,816		—		149,622
Net current-period other comprehensive income (loss)		108,160		52,660		2,820		163,640
Ending balance	$	(181,706)	$	34,956	$	15,383	$	(131,367)

Schedule of reclassifications out of accumulated other comprehensive income (loss)


	2016		2015		2014
	Amount reclassified		Amount reclassified		Amount reclassified
Details about accumulated other	from accumulated		from accumulated		from accumulated
comprehensive income (loss)	other comprehensive		other comprehensive		other comprehensive		Affected line item where
components:	income (loss)		income (loss)		income (loss)		net income is presented
Currency translation adjustments	$	(136,806)	$	—	$	—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(136,806)	$	—	$	—

Accumulated derivative losses, net	$	(12,230)	$	(10,998)	$	(10,789)	Interest expense
		(586)		—		—	Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net
	$	(12,816)	$	(10,998)	$	(10,789)

Realized gain on sale of marketable securities	$	—	$	80,187	$	—	Other income
	$	—	$	80,187	$	—

Per Share and Per Unit Data (Tables)

12 Months Ended

Dec. 31, 2016

Per Share And Per Unit Data

Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit


	For the Year Ended December 31,
	2016		2015		2014
Net Income attributable to Common Stockholders — Basic and Diluted	$	1,835,559	$	1,824,383	$	1,405,251
Weighted Average Shares Outstanding — Basic and Diluted		312,690,756		310,102,746		310,731,032

Schedule of taxable nature of dividends declared


	For the Year Ended
	December 31,
	2016			2015			2014
Total dividends/distributions paid per common share/unit	$	6.50		$	6.05		$	5.15
Percent taxable as ordinary income		99.70	%		94.30	%		100.00	%
Percent taxable as long-term capital gains		0.30	%		5.70	%		0.00	%
		100.00	%		100.00	%		100.00	%

Simon Property Group L.P.

Per Share And Per Unit Data

Schedule of computation of basic and diluted earnings per share and basic and diluted earnings per unit


	For the Year Ended December 31,
	2016		2015		2014
Net Income attributable to Unitholders — Basic and Diluted	$	2,122,236	$	2,131,139	$	1,643,783
Weighted Average Units Outstanding — Basic and Diluted		361,526,633		362,244,154		363,475,504

Investment Properties (Tables)

12 Months Ended

Dec. 31, 2016

Investment Properties

Schedule of investment properties


	2016		2015
Land	$	3,568,935	$	3,417,716
Buildings and improvements		31,329,007		29,715,169
Total land, buildings and improvements		34,897,942		33,132,885
Furniture, fixtures and equipment		328,147		330,239
Investment properties at cost		35,226,089		33,463,124
Less — accumulated depreciation		10,865,754		9,915,386
Investment properties at cost, net	$	24,360,335	$	23,547,738
Construction in progress included above	$	506,211	$	663,271

Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2016

Investment in Unconsolidated Entities

Summary of equity method investments and share of income from such investments, balance sheet


	December 31,		December 31,
	2016		2015
Assets:
Investment properties, at cost	$	17,549,078	$	17,186,884
Less - accumulated depreciation		5,892,960		5,780,261
		11,656,118		11,406,623
Cash and cash equivalents		778,455		818,805
Tenant receivables and accrued revenue, net		348,139		354,133
Deferred costs and other assets		351,098		482,024
Total assets	$	13,133,810	$	13,061,585
Liabilities and Partners’ Deficit:
Mortgages	$	14,237,576	$	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenue		867,003		985,159
Other liabilities		325,078		468,005
Total liabilities		15,429,657		15,280,379
Preferred units		67,450		67,450
Partners’ deficit		(2,363,297)		(2,286,244)
Total liabilities and partners’ deficit	$	13,133,810	$	13,061,585
Our Share of:
Partners’ deficit	$	(1,018,755)	$	(854,562)
Add: Excess Investment		1,791,691		1,788,749
Our net Investment in unconsolidated entities, at equity	$	772,936	$	934,187

Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness

As of December 31, 2016, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:


2017	$	552,579
2018		418,221
2019		704,496
2020		3,180,236
2021		1,832,371
Thereafter		7,607,451
Total principal maturities		14,295,354
Net unamortized debt premium		3,337
Debt issuance costs		(61,115)
Total mortgages and unsecured indebtedness	$	14,237,576

Summary of equity method investments and share of income from such investments, statements of operations



	For the Year Ended
	December 31,
	2016		2015		2014
REVENUE:
Minimum rent	$	1,823,674	$	1,801,023	$	1,746,549
Overage rent		200,638		191,249		183,478
Tenant reimbursements		862,155		799,420		786,351
Other income		237,782		236,726		293,419
Total revenue		3,124,249		3,028,418		3,009,797
OPERATING EXPENSES:
Property operating		538,002		530,798		574,706
Depreciation and amortization		588,666		594,973		604,199
Real estate taxes		239,917		231,154		221,745
Repairs and maintenance		76,380		73,286		71,203
Advertising and promotion		88,956		75,773		72,496
Provision for credit losses		7,603		4,153		6,527
Other		183,435		169,504		187,729
Total operating expenses		1,722,959		1,679,641		1,738,605
Operating Income		1,401,290		1,348,777		1,271,192
Interest expense		(585,958)		(593,187)		(598,900)
Income from Continuing Operations		815,332		755,590		672,292
Income from operations of discontinued joint venture interests		—		—		5,079
Gain on sale or disposal of assets and interests in unconsolidated entities, net		101,051		67,176		—
Net Income	$	916,383	$	822,766	$	677,371
Third-Party Investors’ Share of Net Income	$	452,844	$	405,456	$	348,127
Our Share of Net Income		463,539		417,310		329,244
Amortization of Excess Investment		(94,213)		(94,828)		(99,463)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(22,636)		(43,589)		—
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		(36,153)		—		—
Our Share of Loss from Unconsolidated Discontinued Operations		—		—		(652)
Income from Unconsolidated Entities	$	310,537	$	278,893	$	229,129

Indebtedness and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Indebtedness and Derivative Financial Instruments

Schedule of mortgages and unsecured indebtedness


	2016		2015
Fixed-Rate Debt:
Mortgage notes, including $21,916 and $44,594 net premiums and $15,965 and $11,225 debt issuance costs respectively. Weighted average interest and maturity of 4.15% and 7.0 years at December 31, 2016.	$	5,876,831	$	5,974,202
Unsecured notes, including $46,426 and $44,698 net discounts and $65,801 and $52,749 debt issuance costs, respectively. Weighted average interest and maturity of 3.37% and 8.2 years at December 31, 2016.		15,252,834		13,477,678
Commercial Paper (see below)		953,665		878,657
Total Fixed-Rate Debt		22,083,330		20,330,537
Variable-Rate Debt:
Mortgages notes, including $690 and $913 debt issuance costs respectively. Weighted average interest and maturity of 2.10% and 2.8 years at December 31, 2016.		592,655		629,087
Unsecured Term Loan (see below), including $0 and $46 debt issuance costs respectively at December 31, 2016.		—		239,954
Credit Facility (see below), including $15,380 and $20,558 debt issuance costs respectively at December 31, 2016.		301,119		1,217,104
Total Variable-Rate Debt		893,774		2,086,145
Total Mortgages and Unsecured Indebtedness	$	22,977,104	$	22,416,682

Schedule of principal repayments of indebtedness

Our scheduled principal repayments on indebtedness as of December 31, 2016 are as follows:


2017	$	2,233,249
2018		802,806
2019		742,323
2020		3,563,396
2021		2,740,755
Thereafter		13,016,921
Total principal maturities		23,099,450
Net unamortized debt discount		(24,510)
Debt issuance costs, net		(97,836)
Total mortgages and unsecured indebtedness	$	22,977,104

Schedule of cash paid for interest in each period, net of any amounts capitalized


	For the Year Ended December 31,
	2016		2015		2014
Cash paid for interest	$	887,118	$	943,683	$	1,018,911

Schedule of debt issuance costs


	2016		2015
Debt issuance costs	$	166,041	$	137,876
Accumulated amortization		(68,205)		(52,385)
Debt issuance costs, net	$	97,836	$	85,491

Schedule of amortization from continuing operations, included in statements of operations and comprehensive income


		For the Year Ended December 31,
	2016		2015		2014
Amortization of debt issuance costs	$	21,703	$	19,349	$	21,392
Amortization of debt premiums, net discounts		(14,583)		(16,107)		(24,092)

Schedule of fair value of financial instruments and the related discount rate assumptions



	2016			2015
Fair value of fixed-rate mortgages and unsecured indebtedness	$	22,703		$	21,331
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		4.12	%		3.46	%
Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness		3.83	%		3.59	%

Rentals under Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

Rentals under Operating Leases

Schedule of future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter


2017	$	2,859,314
2018		2,586,515
2019		2,299,751
2020		2,067,586
2021		1,778,677
Thereafter		4,740,742
	$	16,332,585

Equity (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties


	2016		2015

7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests in properties		112,225		—
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties	$	137,762	$	25,537

Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures


LTIP Program	LTIP Units Earned	Grant Date Fair Value
2010 LTIP program
1-year 2010 LTIP program	133,673	1-year program — $7.2 million
2-year 2010 LTIP program	337,006	2-year program — $14.8 million
3-year 2010 LTIP program	489,654	3-year program — $23.0 million
2011-2013 LTIP program	469,848	$35.0 million
2012-2014 LTIP program	401,203	$35.0 million
2013-2015 LTIP program	482,779	$29.5 million
2014-2016 LTIP program	To be determined in 2017	$30.0 million
2015-2017 LTIP program	To be determined in 2018	$27.4 million
2016-2018 LTIP program	To be determined in 2019	$28.8 million

Schedule of restricted stock awards


	For the Year Ended
	December 31,
	2016		2015		2014
Shares of restricted stock awarded during the year, net of forfeitures		63,324		63,738		83,509
Weighted average fair value of shares granted during the year	$	209.16	$	197.17	$	166.36
Amortization expense	$	12,024	$	13,692	$	18,256

Simon Property Group L.P.

Schedule of preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties


	2016		2015

7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding	$	25,537	$	25,537
Other noncontrolling redeemable interests in properties		112,225		—
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$	137,762	$	25,537

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies.

Schedule of ground lease expense and office lease expense


	For the Year Ended
	December 31,
	2016		2015		2014
Ground lease expense	$	38,764	$	38,851	$	39,898
Office lease expense		4,105		4,067		4,577

Schedule of future minimum lease payments due under leases, excluding applicable extension options and any sublease income

Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows:


2017	$	30,669
2018		30,570
2019		26,963
2020		24,327
2021		23,815
Thereafter		675,795
	$	812,139

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Related Party Transactions

Schedule of related party transactions


	For the Year Ended
	December 31,
	2016		2015		2014
Amounts charged to unconsolidated joint ventures	$	138,496	$	154,098	$	133,730
Amounts charged to properties owned by related parties		5,384		4,324		4,393

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data (Unaudited)

Schedule of quarterly financial data


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
2016
Total revenue	$	1,336,715	$	1,315,380	$	1,357,168	$	1,425,966
Operating income		684,901		659,236		676,191		700,501
Consolidated net income		563,839		527,325		587,940		455,602
SPG Inc.
Net income attributable to common stockholders	$	480,995	$	455,389	$	504,744	$	394,431
Net income per share — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average shares outstanding — Basic and Diluted		309,416,266		313,399,467		314,234,418		313,684,810
SPG L.P.
Net income attributable to unitholders	$	561,797	$	525,447	$	581,266	$	453,726
Net income per unit — Basic and Diluted	$	1.55	$	1.45	$	1.61	$	1.26
Weighted average units outstanding — Basic and Diluted		361,394,591		361,761,991		361,764,112		361,186,785
2015
Total revenue	$	1,216,235	$	1,349,110	$	1,320,137	$	1,380,621
Operating income		599,171		702,385		657,587		709,730
Consolidated net income		632,435		554,526		492,496		459,917
SPG Inc.
Net income attributable to common stockholders	$	539,134	$	472,944	$	420,009	$	392,297
Net income per share — Basic and Diluted	$	1.73	$	1.52	$	1.36	$	1.27
Weighted average shares outstanding — Basic and Diluted		311,101,297		310,498,911		309,417,298		309,418,757
SPG L.P.
Net income attributable to unitholders	$	630,432	$	552,604	$	490,344	$	457,759
Net income per unit — Basic and Diluted	$	1.73	$	1.52	$	1.36	$	1.27
Weighted average units outstanding — Basic and Diluted		363,784,004		362,762,067		361,234,111		361,234,804

Organization (Details)	Dec. 31, 2016 state country property	May 11, 2015	Mar. 31, 2015	Dec. 31, 2014
Designer Outlet properties \| Consolidated properties
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico
Real Estate Properties
Number of properties	206
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	108
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	67
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community/Lifestyles Centers
Real Estate Properties
Number of properties	4
U.S. and Puerto Rico \| Other
Real Estate Properties
Number of properties	13
Japan \| Premium Outlets
Real Estate Properties
Number of properties	9
South Korea \| Premium Outlets
Real Estate Properties
Number of properties	3
Canada \| Premium Outlets
Real Estate Properties
Number of properties	2
Canada \| Designer Outlet properties
Real Estate Properties
Number of properties	1
Mexico \| Premium Outlets
Real Estate Properties
Number of properties	1
Malaysia \| Premium Outlets
Real Estate Properties
Number of properties	1
Europe \| Klepierre
Real Estate Properties
Ownership percentage	20.30%	20.30%	18.30%	28.90%
Number of countries \| country	16
Europe \| Designer Outlet properties
Real Estate Properties
Number of properties	6
Italy \| Designer Outlet properties
Real Estate Properties
Number of properties	2
Austria \| Designer Outlet properties
Real Estate Properties
Number of properties	1
Germany \| Designer Outlet properties
Real Estate Properties
Number of properties	1
Netherlands \| Designer Outlet properties
Real Estate Properties
Number of properties	1
United Kingdom \| Designer Outlet properties
Real Estate Properties
Number of properties	1

Basis of Presentation (Details) - property	12 Months Ended
Basis of Presentation (Details) - property	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties
Total number of joint venture properties	78	81
Number of joint venture properties managed by the entity	57
Number of International joint venture properties	17
Number of joint venture properties managed by others	21
Ownership interest:
Weighted average ownership in the Operating Partnership (as a percent)	86.50%	85.60%	85.50%
Ownership interest in the Operating Partnership (as a percent)	86.90%	85.70%
Wholly owned properties
Real Estate Properties
Number of properties	134
Partially owned properties
Real Estate Properties
Number of properties	17

Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment properties
Capitalized interest	$ 31,250	$ 32,664	$ 16,500
Pre-development cost written off	$ 31,490
Buildings and improvements \| Minimum
Investment properties
Useful life	10 years
Buildings and improvements \| Maximum
Investment properties
Useful life	35 years
Equipment and fixtures \| Minimum
Investment properties
Useful life	7 years
Equipment and fixtures \| Maximum
Investment properties
Useful life	10 years

Summary of Significant Accounting Policies - Discontinued Operations (Details) $ in Thousands		6 Months Ended	12 Months Ended
	May 28, 2014 USD ($) property	Jun. 30, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Discontinued Operations
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off					$ 1,003,135
Transaction Expenses
Discontinued operations transaction expenses					38,163
Spinoff \| Strip Center Business and Small Malls
Discontinued Operations
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT \| property	98
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off	$ 1,000,000
Transaction Expenses
Discontinued operations transaction expenses		$ 38,200			38,200
Summarized financial information for discontinued operations
TOTAL REVENUE					262,652
Property Operating					43,175
Depreciation and amortization					76,992
Real estate taxes					32,474
Repairs and maintenance					10,331
Advertising and promotion					3,340
Provision for credit losses					1,494
Other					2,028
Total operating expenses					169,834
OPERATING INCOME					92,818
Interest expense					(26,076)
Income and other taxes					(112)
Income from unconsolidated entities					652
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net					242
CONSOLIDATED NET INCOME					67,524
Net income attributable to noncontrolling interests					9,781
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS					57,743
Additional disclosures
Capital expenditures on a cash basis					31,900
Washington Prime Group Inc \| Transitional Services
Additional disclosures
Transition services fees earned			$ 1,700	$ 5,700	$ 3,200
Washington Prime Group Inc \| Spinoff \| Strip Center Business and Small Malls
Discontinued Operations
Exchange ratio of common shares for entity's stockholders to receive under spin off	0.50
Additional disclosures
Term of property management agreement	2 years
Termination period of transition services agreement	2 years
Washington Prime Group Inc \| Minimum
Additional disclosures
Annual fixed rate property management fees (as a percent)			2.50%
Washington Prime Group Inc \| Maximum
Additional disclosures
Annual fixed rate property management fees (as a percent)			4.00%
Washington Prime Group LP \| Spinoff \| Strip Center Business and Small Malls
Discontinued Operations
Exchange ratio of common units for entity's stockholders to receive under spin off	0.50

Summary of Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
	Jun. 24, 2015	Dec. 31, 2016	Dec. 31, 2015
Marketable and Non-Marketable Securities
Net unrealized gains recorded in other comprehensive income (loss)		$ 15,400	$ 12,600
Gain on sale of investment			80,187
Carrying value of investments under the cost method		210,500	181,400
Available for sale securities
Marketable and Non-Marketable Securities
Marketable Securities		$ 156,200	183,800
Number of shares owned	5,710
Proceeds received from the sale of investments	$ 454,000
Gain on sale of investment			$ 80,200
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Minimum
Marketable and Non-Marketable Securities
Investment maturity period		1 year
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Marketable and Non-Marketable Securities
Investment maturity period		10 years

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	$ 43.9	$ 27.8
Level 3
Fair Value Measurements
Investments	$ 0.0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27723805&loc=d3e24584-111560

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884222&loc=d3e22054-111558

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594

+ Details

Summary of Significant Accounting Policies - Gains On Issuances Of Stock By Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Joint Ventures and Investments
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		$ 84,553	$ 250,516	$ 158,308
Klepierre \| Europe
Real Estate Joint Ventures and Investments
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net	$ 206,900		$ 206,900

Summary of Significant Accounting Policies - Segment and Geographic Locations (Details)	12 Months Ended
	Dec. 31, 2016 item
Segment Disclosure
Number of reportable segments	1
Geographic Concentration Risk \| Consolidated Long-Lived Assets \| Non-US
Concentration of Credit Risk
Percentage of risk	5.30%
Geographic Concentration Risk \| Consolidated Revenues \| Non-US
Concentration of Credit Risk
Percentage of risk	1.50%

Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred costs and other assets
Deferred lease costs, net	$ 250,261	$ 240,229
In-place lease intangibles, net	153,015	188,219
Acquired above market lease intangibles, net	112,024	67,363
Marketable securities of our captive insurance companies	58,142	87,257
Goodwill	20,098	20,098
Other marketable and non-marketable securities	308,591	278,026
Prepaids, notes receivable and other assets, net	451,457	385,576
Deferred costs and other assets	1,353,588	1,266,768
Deferred Lease Costs
Deferred lease costs, gross	464,226	429,985
Accumulated amortization	(213,965)	(189,756)
Deferred lease costs, net	250,261	240,229
Amortization, included in statements of operations and comprehensive income
Amortization of deferred leasing costs	$ 49,993	$ 43,788	$ 39,488

Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues	$ 116,100	$ 117,800
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents
2017	30,015
2018	24,345
2019	20,615
2020	15,950
2021	7,355
Thereafter	17,861
Lease intangibles assets, net	116,141
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2017	2,340
2018	995
2019	1,535
2020	1,014
2021	(2,496)
Thereafter	729
Lease intangibles assets, net	$ 4,117
In-place lease intangibles
Intangible Assets
Average life of in-place lease intangibles	2 years 9 months 18 days
Lease intangibles assets, gross	$ 395,713	431,712
Accumulated amortization	(242,698)	(243,493)
Lease intangibles assets, net	$ 153,015	188,219
Above and below market leases
Intangible Assets
Weighted average remaining life of intangible	3 years 3 months 18 days
Amount of amortization expenses	$ 5,400	13,600	$ 11,300
Above Market Leases
Intangible Assets
Lease intangibles assets, gross	254,581	183,625
Accumulated amortization	(142,557)	(116,262)
Lease intangibles assets, net	112,024	$ 67,363
Estimated future amortization, and the increasing (decreasing) effect on minimum rents
2017	(27,675)
2018	(23,350)
2019	(19,080)
2020	(14,936)
2021	(9,851)
Thereafter	(17,132)
Lease intangibles assets, net	$ (112,024)

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Thousands, $ in Millions	Dec. 31, 2016 EUR (€) DerivativeInstrument	Dec. 31, 2016 USD ($) DerivativeInstrument	Dec. 31, 2015 EUR (€) DerivativeInstrument	Dec. 31, 2015 USD ($) DerivativeInstrument
Derivative Financial Instruments
Number of credit-risk-related hedging or derivative activities \| DerivativeInstrument	0	0
Gross accumulated other comprehensive income (loss) related to derivative activities		$ 35.0		$ (17.7)
May 15, 2019
Derivative Financial Instruments
Notional Amount \| €	€ 50,000
Forward contract net, fair value		1.5
Interest Rate Contract
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument			0	0
Interest Rate Contract \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument			0	0
Interest rate swap
Derivative Financial Instruments
Notional Amount		$ 250.0
Interest rate swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument	1	1
Notional Amount		$ 250.0
Interest rate swap \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative Financial Instruments
Interest rate derivative asset, fair value		21.1
Euro-USD currency forward contract \| August 12, 2016 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €			€ 50,000
Forward contract net, fair value				$ 13.0
Euro-USD currency forward contract \| August 11, 2017 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	€ 50,000		50,000
Forward contract net, fair value		15.5		13.0
Euro-USD currency forward contract \| May 15, 2019 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50,000		€ 50,000
Forward contract net, fair value		3.9		$ 1.8
Euro-USD currency forward contract \| May 15, 2020 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	50,000
Forward contract net, fair value		1.1
Euro-USD currency forward contract \| May 14, 2021 \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional Amount \| €	€ 50,000
Forward contract net, fair value		$ 0.6

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements
Deferred costs and other assets	$ (1,353,588)		$ (1,266,768)
Reduction of mortgages and unsecured indebtedness	$ (22,977,104)		$ (22,416,682)
Accounting Standards Update 2014-09 \| Maximum
New Accounting Pronouncements
Percentage of revenues impacted by ASU (as a percent)	7.00%
Accounting Standards Update 2015-03
New Accounting Pronouncements
Deferred costs and other assets		$ 85,500
Reduction of mortgages and unsecured indebtedness		$ 85,500

Summary of Significant Accounting Policies - Noncontrolling Interests, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of Significant Accounting Policies.
Limited partners' interests in the Operating Partnership	$ 644,348	$ 741,449
Nonredeemable noncontrolling interests in properties, net	5,116	3,456
Total noncontrolling interests reflected in equity	$ 649,464	$ 744,905	$ 858,328	$ 973,226

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property, Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling interests:
Noncontrolling interests, beginning of period	$ 744,905	$ 858,328	$ 973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties	289,594	309,740	241,023
Distributions to noncontrolling interest holders	(319,193)	(318,780)	(290,705)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain on derivative hedge agreements	5,444	2,543	617
Net loss (gain) reclassified from accumulated other comprehensive income into earnings	19,629	(9,925)	1,568
Currency translation adjustments	(209)	(22,749)	(14,858)
Changes in available-for-sale securities and other	216	(1,803)	14,945
Other comprehensive income (loss)	25,080	(31,934)	2,272
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(66,996)	(101,480)	(211,657)
Units issued to limited partners			84,910
Units exchanged for common shares	(73,756)	(7,942)	(1,297)
Units Redeemed		(14,843)	(1,463)
Long-term incentive performance units	48,324	47,279	49,938
Contributions by noncontrolling interests, net, and other	1,506	4,537	12,081
Noncontrolling interests, end of period	$ 649,464	$ 744,905	$ 858,328

Summary of Significant Accounting Policies - Rollforward Of Noncontrolling Interest, Simon Group Property L.P. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling interests:
Net income attributable to noncontrolling nonredeemable interests	$ 289,594	$ 309,740	$ 241,023
Distributions to noncontrolling nonredeemable interest holders	(319,193)	(318,780)	(290,705)
Contributions by noncontrolling interests, net, and other	1,506	4,537	12,081
Simon Property Group L.P.
Noncontrolling interests:
Noncontrolling nonredeemable interests (deficit) in properties, beginning of period	3,456	(229)	4,264
Net income attributable to noncontrolling nonredeemable interests	2,917	2,984	2,491
Distributions to noncontrolling nonredeemable interest holders	(2,765)	(3,836)	(19,065)
Contributions by noncontrolling interests, net, and other	1,508	4,537	12,081
Noncontrolling nonredeemable interests (deficit) in properties, end of period	$ 5,116	$ 3,456	$ (229)

Summary of Significant Accounting Policies - AOCI, Simon Property Group, Inc. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 4,471,464
Ending balance	4,310,448
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(252,686)
Other comprehensive income (loss) before reclassifications	8,567
Amounts reclassified from accumulated other comprehensive income (loss)	129,993
Net current-period other comprehensive income (loss)	138,560
Ending balance	(114,126)
Currency translation adjustments, attributable to parent
Changes in accumulated other comprehensive income (loss)
Beginning balance	(248,285)
Other comprehensive income (loss) before reclassifications	(28,437)
Amounts reclassified from accumulated other comprehensive income (loss)	118,858
Net current-period other comprehensive income (loss)	90,421
Ending balance	(157,864)
Accumulated derivative losses, attributable to parent
Changes in accumulated other comprehensive income (loss)
Beginning balance	(15,161)
Other comprehensive income (loss) before reclassifications	34,400
Amounts reclassified from accumulated other comprehensive income (loss)	11,135
Net current-period other comprehensive income (loss)	45,535
Ending balance	30,374
Net unrealized gains on sale of marketable securities
Changes in accumulated other comprehensive income (loss)
Beginning balance	10,760
Other comprehensive income (loss) before reclassifications	2,604
Net current-period other comprehensive income (loss)	2,604
Ending balance	$ 13,364

Summary of Significant Accounting Policies - Reclassification Out of AOCI, Simon Property Group, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies
Interest expense									$ (857,554)	$ (923,697)	$ (992,601)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									84,553	250,516	158,308
Other income									276,544	325,597	200,781
Net income attributable to noncontrolling interests									(295,810)	(311,655)	(242,938)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 394,431	$ 504,744	$ 455,389	$ 480,995	$ 392,297	$ 420,009	$ 472,944	$ 539,134	1,835,559	1,824,383	1,405,251
Currency translation adjustments \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									(136,806)
Currency translation adjustments, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									17,948
Currency translation adjustments, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(118,858)
Accumulated derivative losses, net \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(12,230)	(10,998)	(10,789)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									(586)
Accumulated derivative losses, attributable to noncontrolling interests \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests									1,681	1,577	1,568
Accumulated derivative losses, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									$ (11,135)	(9,421)	$ (9,221)
Realized gain on sale of marketable securities, including Portion Attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other income										80,187
Realized gain on sale of marketable securities, attributable to Noncontrolling Interest \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Net income attributable to noncontrolling interests										(11,502)
Net unrealized gains on sale of marketable securities \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS										$ 68,685

Summary of Significant Accounting Policies - AOCI, Simon Property Group L.P. (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	$ 5,212,913
Ending balance	4,954,796
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	8,567
Amounts reclassified from accumulated other comprehensive income (loss)	129,993
Net current-period other comprehensive income (loss)	138,560
Accumulated Other Comprehensive Income (Loss) \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(295,007)
Other comprehensive income (loss) before reclassifications	14,018
Amounts reclassified from accumulated other comprehensive income (loss)	149,622
Net current-period other comprehensive income (loss)	163,640
Ending balance	(131,367)
Currency translation adjustments, attributable to parent
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	(28,437)
Amounts reclassified from accumulated other comprehensive income (loss)	118,858
Net current-period other comprehensive income (loss)	90,421
Currency translation adjustments, attributable to parent \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(289,866)
Other comprehensive income (loss) before reclassifications	(28,646)
Amounts reclassified from accumulated other comprehensive income (loss)	136,806
Net current-period other comprehensive income (loss)	108,160
Ending balance	(181,706)
Accumulated derivative losses, attributable to parent
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	34,400
Amounts reclassified from accumulated other comprehensive income (loss)	11,135
Net current-period other comprehensive income (loss)	45,535
Accumulated derivative losses, attributable to parent \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	(17,704)
Other comprehensive income (loss) before reclassifications	39,844
Amounts reclassified from accumulated other comprehensive income (loss)	12,816
Net current-period other comprehensive income (loss)	52,660
Ending balance	34,956
Net unrealized gains on sale of marketable securities
Changes in accumulated other comprehensive income (loss)
Other comprehensive income (loss) before reclassifications	2,604
Net current-period other comprehensive income (loss)	2,604
Net unrealized gains on sale of marketable securities \| Simon Property Group L.P.
Changes in accumulated other comprehensive income (loss)
Beginning Balance	12,563
Other comprehensive income (loss) before reclassifications	2,820
Net current-period other comprehensive income (loss)	2,820
Ending balance	$ 15,383

Summary of Significant Accounting Policies - Reclassification Out Of AOCI, Simon Property Group, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies
Interest expense									$ (857,554)	$ (923,697)	$ (992,601)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									84,553	250,516	158,308
Other Income									276,544	325,597	200,781
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 394,431	$ 504,744	$ 455,389	$ 480,995	$ 392,297	$ 420,009	$ 472,944	$ 539,134	1,835,559	1,824,383	1,405,251
Simon Property Group L.P.
Significant Accounting Policies
Interest expense									(857,554)	(923,697)	(992,601)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									84,553	250,516	158,308
Other Income									276,544	325,597	200,781
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS	$ 453,726	$ 581,266	$ 525,447	$ 561,797	$ 457,759	$ 490,344	$ 552,604	$ 630,432	2,122,236	2,131,139	1,643,783
Currency translation adjustments, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(118,858)
Currency translation adjustments, attributable to parent \| Simon Property Group L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									(136,806)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(136,806)
Accumulated derivative losses, attributable to parent \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									(11,135)	(9,421)	(9,221)
Accumulated derivative losses, attributable to parent \| Simon Property Group L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Interest expense									(12,230)	(10,998)	(10,789)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net									(586)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS									$ (12,816)	(10,998)	$ (10,789)
Net unrealized gains on sale of marketable securities \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS										68,685
Net unrealized gains on sale of marketable securities \| Simon Property Group L.P. \| Amount reclassified from accumulated other comprehensive income (loss)
Significant Accounting Policies
Other Income										80,187
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS or UNITHOLDERS										$ 80,187

Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Management Fees and Other Revenues
Insurance reserve for insurance subsidiaries and other self-insurance programs	$ 83,500	$ 88,100
Allowance for Credit Losses
Balance, beginning of period	30,094	33,282	$ 32,681
Provision for credit losses	7,319	6,635	12,001
Accounts written off, net of recoveries	(14,915)	(9,823)	(11,400)
Balance, end of period	22,498	30,094	$ 33,282
Income Taxes
Provision for federal income taxes for REIT entities	0
Deferred tax liabilities, net	$ 265,700	0
Deferred tax assets, net		$ 0

Real Estate Acquisitions and Dispositions (Details) $ in Thousands									1 Months Ended	3 Months Ended				6 Months Ended	12 Months Ended
	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	Jan. 15, 2015 USD ($)	Sep. 26, 2014 USD ($)	Apr. 16, 2014 USD ($) property	Apr. 10, 2014	Jan. 30, 2014 USD ($) a shares	Jan. 10, 2014 USD ($) property item	Feb. 29, 2016 USD ($)	Dec. 31, 2016 USD ($) property	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property	Apr. 14, 2016
Real Estate Properties
Discontinued operations transaction expenses																	$ 38,163
Dispositions
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net															$ 84,553	$ 250,516	158,308
Simon Property Group L.P.
Real Estate Properties
Discontinued operations transaction expenses																	38,163
Dispositions
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net															84,553	250,516	158,308
Outlet Center In Ochtrup
Acquisitions
Ownership interest (as a percent)									75.00%
Payments to acquire equity method investment									$ 38,300
Klepierre
Dispositions
Number of properties disposed of during the period \| property					126
Gain (loss) on disposition					$ 133,900
Ashford Designer Outlets \| European Joint Venture
Acquisitions
Additional noncontrolling interest purchased						22.50%
Joint venture ownership percentage after transactions						45.00%
Strip Center Business and Small Malls \| Spinoff
Real Estate Properties
Discontinued operations transaction expenses														$ 38,200			$ 38,200
Hotel, Estero, Florida \| Disposed by Sales \| Other income.
Dispositions
Gain (loss) on disposition of interest in properties				$ 4,500
Residential and Retail Properties \| Disposed by Sales
Dispositions
Proceeds from sale or disposal of real estate assets															$ 81,800
Scandinavian Properties \| Disposed by Sales \| Klepierre
Dispositions
Gain (loss) on disposition of interest in properties										$ 8,100
Outlet Centers In Italy
Acquisitions
Ownership interests acquired (as a percent)	33.00%
Number of consolidated properties under step acquisition \| property	2
Non-cash gain on step acquisition	$ 29,300										$ 29,300
Cash purchase price for acquisition	$ 145,500
The Shops at Crystals
Acquisitions
Ownership interests acquired (as a percent)																		50.00%
Jersey Gardens and University Park Village
Real Estate Properties
Acquisition related transaction costs																$ 4,400
Acquisitions
Ownership interests acquired (as a percent)			100.00%
Cash purchase price for acquisition			$ 677,900
Mortgage debt assumed			405,000
Investment properties			1,100,000
Mortgage debt premiums			17,900
Jersey Gardens and University Park Village \| Lease related intangibles
Acquisitions
Lease related intangibles			$ 3,600
Jersey Gardens and University Park Village \| Maximum
Acquisitions
Estimated life of investment property			40 years
Arizona Mills
Acquisitions
Ownership interests acquired (as a percent)							50.00%
Mortgage debt assumed							$ 166,900
Area of Real Estate Property \| a							39
Consideration paid							$ 145,800
Gain due to acquisition of controlling interest													$ 2,700
Ownership interest after acquisition (as a percent)							100.00%
Arizona Mills \| Simon Property Group L.P.
Acquisitions
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills \| shares							555,150
Portfolio of ten properties
Acquisitions
Consideration paid								$ 114,400
Number of partner's interest acquired \| item								1
Number of properties in which additional interest is acquired \| property								10
Designer Outlet properties \| European Joint Venture
Acquisitions
Number of properties \| property		6														6
Designer Outlet properties \| European Joint Venture
Acquisitions
Number of consolidated properties under step acquisition \| property		2
Non-cash gain on step acquisition		$ 12,100										$ 12,100
Unconsolidated properties \| Maximum
Acquisitions
Estimated life of investment property															40 years
Unconsolidated properties \| Residential properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property															2
Unconsolidated properties \| Residential properties \| Disposed by Sales \| Other income.
Dispositions
Gain (loss) on disposition of interest in properties															$ 36,200
Unconsolidated properties \| Residential properties \| Disposed by Sales \| Income and other taxes
Dispositions
Gain from sale of properties, tax effect															$ 7,200
Unconsolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property															4	3
Gain (loss) on disposition of interest in properties															$ 22,600	$ 43,600
Unconsolidated properties \| Residential properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property															2
Consolidated properties \| Retail properties \| Disposed by Sales
Dispositions
Number of properties disposed of during the period \| property															3		3
Gain (loss) on disposition															$ 12,400		$ 21,800
Consolidated properties \| Portfolio of ten properties
Acquisitions
Number of properties in which additional interest is acquired \| property								7
Consolidated properties \| Designer Outlet properties
Acquisitions
Number of properties \| property										4					4

Per Share and Per Unit Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders		$ 394,431	$ 504,744	$ 455,389	$ 480,995	$ 392,297	$ 420,009	$ 472,944	$ 539,134	$ 1,835,559	$ 1,824,383	$ 1,405,251
Net Income attributable to Common Stockholders — Diluted										$ 1,835,559	$ 1,824,383	$ 1,405,251
Weighted Average Shares Outstanding — Basic and Diluted		313,684,810	314,234,418	313,399,467	309,416,266	309,418,757	309,417,298	310,498,911	311,101,297	312,690,756	310,102,746	310,731,032
Dividends
Total dividends paid per common share (in dollars per share)										$ 6.50	$ 6.05	$ 5.15
Percent taxable as ordinary income										99.70%	94.30%	100.00%
Percent taxable as long-term capital gains										0.30%	5.70%	0.00%
Total percentage of dividends paid										100.00%	100.00%	100.00%
Dividends declared per common share (in dollars per share)	$ 1.75
Simon Property Group L.P.
Per Share And Per Unit Data
Net Income attributable to common stockholders or unitholders		$ 453,726	$ 581,266	$ 525,447	$ 561,797	$ 457,759	$ 490,344	$ 552,604	$ 630,432	$ 2,122,236	$ 2,131,139	$ 1,643,783
Net Income attributable to Common Stockholders — Diluted										$ 2,122,236	$ 2,131,139	$ 1,643,783
Weighted Average Shares Outstanding — Basic and Diluted		361,186,785	361,764,112	361,761,991	361,394,591	361,234,804	361,234,111	362,762,067	363,784,004	361,526,633	362,244,154	363,475,504

Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment Properties
Land	$ 3,568,935	$ 3,417,716
Buildings and improvements	31,329,007	29,715,169
Total land, buildings and improvements	34,897,942	33,132,885
Furniture, fixtures and equipment	328,147	330,239
Investment properties at cost	35,226,089	33,463,124
Less - accumulated depreciation	10,865,754	9,915,386
Investment properties at cost, net	24,360,335	23,547,738
Construction in progress, included above	$ 506,211	$ 663,271

Investments in Unconsolidated Entities - Real Estate Joint Ventures and Investments (Details) $ in Millions	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Investment in Unconsolidated Entities
Total number of joint venture properties \| property	78	81
Construction and other related party loans
Investment in Unconsolidated Entities
Loans to related party \| $	$ 12.3	$ 13.9

Investments in Unconsolidated Entities - Unconsolidated Properties Transactions (Details) $ in Thousands								3 Months Ended		12 Months Ended
	Sep. 15, 2016 USD ($) item	Apr. 14, 2016 USD ($)	Apr. 05, 2016 USD ($)	Sep. 30, 2015 USD ($) property	Jul. 22, 2015 USD ($) property	Jul. 07, 2015 USD ($) shares	Apr. 13, 2015 USD ($) property	Dec. 31, 2016 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jan. 30, 2014
Investment in Unconsolidated Entities
Equity investment								$ 2,367,583		$ 2,367,583	$ 2,481,574
Distribution from joint venture financing proceeds										331,627	271,998	$ 202,269
Share of net income, net of amortization of our excess investment										$ 353,334	$ 284,806	$ 226,774
Arizona Mills
Investment in Unconsolidated Entities
Ownership interests acquired (as a percent)													50.00%
Gain due to acquisition of controlling interest									$ 2,700
Ownership interest after acquisition (as a percent)													100.00%
The Shops at Crystals
Investment in Unconsolidated Entities
Ownership interest (as a percent)		50.00%
Payments to acquire equity method investment		$ 1,100,000
Quaker Bridge Mall
Investment in Unconsolidated Entities
Ownership interest (as a percent)			50.00%
HBS
Investment in Unconsolidated Entities
Ownership interest (as a percent)								10.20%		10.20%
Committed amount to contribute					$ 100,000
Contributions for improvements to properties								$ 30,600		$ 30,600
Number of Kaufhof properties purchased by the joint venture \| property				41
Contribution to form joint venture				$ 178,500
Share of net income, net of amortization of our excess investment								2,600		15,200
Total assets								4,300,000		4,300,000
Total liabilities								$ 2,800,000		2,800,000
Total revenues										409,800
Total operating income										233,200
Consolidated net income										$ 128,700
HBS \| Hudson Bay Company
Investment in Unconsolidated Entities
Number of properties contributed to form joint venture \| property					42
Sears Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)							50.00%
Contribution to form joint venture							$ 114,000
Sears Joint Venture \| Minimum
Investment in Unconsolidated Entities
Percentage of property space subject to recapture							50.00%
Sears Joint Venture \| Sears
Investment in Unconsolidated Entities
Ownership interest (as a percent)							50.00%
Number of properties contributed to form joint venture \| property							10
Number of property being leased back \| property							10
Seritage Growth Properties
Investment in Unconsolidated Entities
Payments to acquire equity method investment						$ 33,000
Shares acquired (in shares) \| shares						1,125,760
Aeropostale
Investment in Unconsolidated Entities
Number of joint ventures \| item	2
Equity investment	$ 33,100
Aeropostale Licensing Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)	28.45%
3.74% fixed-rate mortgage maturing July 2026 \| The Shops at Crystals
Investment in Unconsolidated Entities
Debt issued		$ 550,000
Fixed interest rate (as a percent)		3.74%
4.50% fixed-rate mortgage maturing May 2026 \| Quaker Bridge Mall
Investment in Unconsolidated Entities
Debt issued			$ 180,000
Fixed interest rate (as a percent)			4.50%
Distribution from joint venture financing proceeds			$ 180,000
Retail properties \| Aeropostale
Investment in Unconsolidated Entities
Ownership interest (as a percent)	49.05%

Investments in Unconsolidated Entities - International Investments (Details) $ / shares in Units, $ in Thousands, € in Millions								1 Months Ended	3 Months Ended				12 Months Ended
	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	May 11, 2015 USD ($) shares	Mar. 19, 2015 USD ($)	Jan. 15, 2015	Apr. 16, 2014 EUR (€) property	Apr. 16, 2014 USD ($) property	Feb. 29, 2016 USD ($)	Dec. 31, 2016 USD ($) property $ / shares shares	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) property $ / shares shares	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Investment in Unconsolidated Entities
Equity investment									$ 2,367,583				$ 2,367,583	$ 2,481,574
Distribution from joint venture financing proceeds													331,627	271,998	$ 202,269
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net													84,553	250,516	158,308
Income from unconsolidated entities													$ 353,334	$ 284,806	$ 226,774
Ownership interest (as a percent)									86.90%				86.90%	85.70%
Cost method investments included in deferred costs and other assets									$ 210,500				$ 210,500	$ 181,400
Outlet Centers In Italy
Investment in Unconsolidated Entities
Cash purchase price for acquisition	$ 145,500
Gain due to acquisition of controlling interest	$ 29,300									$ 29,300
Number of consolidated properties under step acquisition \| property	2
Ownership interests acquired (as a percent)	33.00%
Designer Outlet properties \| European Joint Venture
Investment in Unconsolidated Entities
Gain due to acquisition of controlling interest		$ 12,100									$ 12,100
Number of consolidated properties under step acquisition \| property		2
Designer Outlet properties \| Minimum \| European Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)									45.00%				45.00%
Designer Outlet properties \| Maximum \| European Joint Venture
Investment in Unconsolidated Entities
Ownership interest (as a percent)									90.00%				90.00%
Klepierre
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property						126	126
Total gross consideration \| €						€ 1,980
Group's share of total consideration \| €						€ 1,650
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net							$ 133,900
Klepierre \| Corio
Investment in Unconsolidated Entities
Ordinary share conversion ratio					1.14
Klepierre \| Disposed by Sales \| Scandinavian Properties
Investment in Unconsolidated Entities
Gain (loss) on disposition of interest in properties									$ 8,100
European Joint Venture \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property		6												6
Outlet Center In Ochtrup
Investment in Unconsolidated Entities
Ownership percentage								75.00%
Payments to acquire equity method investment								$ 38,300
Europe \| Disposed by Sales \| Pre-Development Europe Projects Joint Venture
Investment in Unconsolidated Entities
Aggregate proceeds received				$ 19,000
Gain on sale or disposal of assets and interests in unconsolidated entities, net				$ 8,300
Europe \| Designer Outlet properties
Investment in Unconsolidated Entities
Number of properties \| property									6				6
Europe \| Klepierre
Investment in Unconsolidated Entities
Shares owned \| shares									63,924,148				63,924,148
Ownership percentage			20.30%						20.30%			18.30%	20.30%		28.90%
Quoted market price per share (in dollars per share) \| $ / shares									$ 39.50				$ 39.50
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net												$ 206,900		$ 206,900
Additional shares acquired (in shares) \| shares			6,290,000
Payments to acquire equity method investment			$ 279,400
Income from unconsolidated entities													$ 41,500	6,700	$ 131,500
Total assets									$ 19,800,000				19,800,000	20,800,000
Total liabilities									11,800,000				11,800,000	12,400,000
Noncontrolling interests equity									$ 1,400,000				1,400,000	1,400,000
Total revenues													1,500,000	1,500,000	1,200,000
Total operating income													449,900	414,800	432,100
Consolidated net income													$ 310,900	181,200	$ 1,300,000
Europe \| Value Retail PLC
Investment in Unconsolidated Entities
Number of luxury outlets owned and operated \| property									9				9
Number of outlets in which the entity has a minority direct ownership \| property									3				3
Cost method investments included in deferred costs and other assets									$ 140,800				$ 140,800	$ 115,400

Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in Unconsolidated Entities
Equity investment	$ 2,367,583	$ 2,481,574
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	40.00%
Equity investment	$ 227,500	224,600
South Korea \| Shinsegae International Co \| Premium Outlets
Investment in Unconsolidated Entities
Ownership percentage	50.00%
Equity investment	$ 130,900	$ 117,000

Investments in Unconsolidated Entities - Balance Sheets (Details) $ in Thousands		12 Months Ended
	May 28, 2014 property	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Our Share of:
Our net Investment in unconsolidated entities, at equity		$ 2,367,583	$ 2,481,574
Unconsolidated properties
Assets:
Investment properties, at cost		17,549,078	17,186,884
Less - accumulated depreciation		5,892,960	5,780,261
Investment properties at cost, net		11,656,118	11,406,623
Cash and cash equivalents		778,455	818,805
Tenant receivables and accrued revenue, net		348,139	354,133
Deferred costs and other assets		351,098	482,024
Total assets		13,133,810	13,061,585
Liabilities and Partners' Deficit:
Mortgages		14,237,576	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenues		867,003	985,159
Other liabilities		325,078	468,005
Total liabilities		15,429,657	15,280,379
Preferred units		67,450	67,450
Partners' deficit		(2,363,297)	(2,286,244)
Total liabilities and equity		13,133,810	13,061,585
Our Share of:
Partners' deficit		(1,018,755)	(854,562)
Add: Excess Investment		1,791,691	1,788,749
Our net Investment in unconsolidated entities, at equity		$ 772,936	$ 934,187
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT \| property	10
Unconsolidated properties \| Maximum
Our Share of:
Estimated life of investment property		40 years
Unconsolidated properties \| Retail properties \| Disposed by Sales
Our Share of:
Number of properties disposed of during the period \| property		4	3

Investments in Unconsolidated Entities - Repayments of Mortgages (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Scheduled principal repayments on mortgage indebtedness
2017	$ 2,233,249
2018	802,806
2019	742,323
2020	3,563,396
2021	2,740,755
Thereafter	13,016,921
Total principal maturities	23,099,450
Net unamortized debt premium	(24,510)
Debt issuance costs	(97,836)	$ (85,491)
Total mortgages and unsecured indebtedness	22,977,104	$ 22,416,682
Unconsolidated properties
Scheduled principal repayments on mortgage indebtedness
2017	552,579
2018	418,221
2019	704,496
2020	3,180,236
2021	1,832,371
Thereafter	7,607,451
Total principal maturities	14,295,354
Net unamortized debt premium	3,337
Debt issuance costs	(61,115)
Total mortgages and unsecured indebtedness	$ 14,237,576
Weighted average interest rate (as a percent)	3.97%
Unconsolidated properties \| Minimum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	0.26%
Unconsolidated properties \| Maximum
Scheduled principal repayments on mortgage indebtedness
Interest rate on debt (as a percent)	9.35%

Investments in Unconsolidated Entities - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING EXPENSES:
Income from Unconsolidated Entities	$ 353,334	$ 284,806	$ 226,774
Unconsolidated properties
REVENUE:
Minimum rent	1,823,674	1,801,023	1,746,549
Overage rent	200,638	191,249	183,478
Tenant reimbursements	862,155	799,420	786,351
Other income	237,782	236,726	293,419
Total revenue	3,124,249	3,028,418	3,009,797
OPERATING EXPENSES:
Property operating	538,002	530,798	574,706
Depreciation and amortization	588,666	594,973	604,199
Real estate taxes	239,917	231,154	221,745
Repairs and maintenance	76,380	73,286	71,203
Advertising and promotion	88,956	75,773	72,496
Provision for credit losses	7,603	4,153	6,527
Other	183,435	169,504	187,729
Total operating expenses	1,722,959	1,679,641	1,738,605
Operating Income	1,401,290	1,348,777	1,271,192
Interest expense	(585,958)	(593,187)	(598,900)
Income from Continuing Operations	815,332	755,590	672,292
Income from operations of discontinued joint venture interests			5,079
Gain on sale or disposal of assets and interests in unconsolidated entities, net	101,051	67,176
Net Income	916,383	822,766	677,371
Third-Party Investors’ Share of Net Income	452,844	405,456	348,127
Our Share of Net Income	463,539	417,310	329,244
Amortization of Excess Investment	(94,213)	(94,828)	(99,463)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net	(22,636)	(43,589)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements	(36,153)
Our Share of Loss from Unconsolidated Discontinued Operations			(652)
Income from Unconsolidated Entities	$ 310,537	$ 278,893	$ 229,129

Investments in Unconsolidated Entities - Dispositions (Details) - Unconsolidated properties $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Investment in Unconsolidated Entities
Gain on sale or disposal of assets and interests in unconsolidated entities, net	$ 101,051	$ 67,176
Retail properties \| Disposed by Sales
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property	4	3
Gain on sale or disposal of assets and interests in unconsolidated entities, net	$ 22,600	$ 43,600
Residential properties \| Disposed by Sales
Investment in Unconsolidated Entities
Number of properties disposed of during the period \| property	2
Gain on sale or disposal of assets and interests in unconsolidated entities, net	$ 36,200

Indebtedness and Derivative Financial Instruments (Details) $ in Thousands, € in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 25, 2016 USD ($) property	Jan. 01, 2016 USD ($) property	Feb. 29, 2016 property	Dec. 31, 2016 USD ($) property item	Dec. 31, 2016 USD ($) property item	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Nov. 23, 2016 USD ($)	May 13, 2016 EUR (€)	May 13, 2016 USD ($)	Apr. 06, 2016 USD ($)	Apr. 05, 2016 USD ($)	Jan. 13, 2016 USD ($)
Debt
Debt issuance costs				$ 97,836	$ 97,836	$ 85,491
Total Mortgages and Unsecured Indebtedness				22,977,104	22,977,104	22,416,682
Loss on debt extinguishment					136,777	120,953	$ 127,573
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				22,083,330	22,083,330	20,330,537
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness				893,774	893,774	2,086,145
Simon Property Group L.P.
Debt
Total Mortgages and Unsecured Indebtedness				22,977,104	22,977,104	22,416,682
Loss on debt extinguishment					136,777	120,953	$ 127,573
Senior unsecured notes \| Simon Property Group L.P.
Debt
Number of properties unencumbered \| property			3
Senior Unsecured Notes 1.25% due 2025 \| Simon Property Group L.P.
Debt
Debt issued									€ 500.0	$ 566,700
Interest rate on debt (as a percent)									1.25%	1.25%
Senior Unsecured Notes 2.35% due 2022 \| Simon Property Group L.P.
Debt
Debt issued								$ 550,000
Interest rate on debt (as a percent)								2.35%
Senior Unsecured Notes 3.25% due 2026 \| Simon Property Group L.P.
Debt
Debt issued								$ 750,000
Interest rate on debt (as a percent)								3.25%
Senior Unsecured Notes 4.25% due 2046 \| Simon Property Group L.P.
Debt
Debt issued								$ 550,000
Interest rate on debt (as a percent)								4.25%
Senior Unsecured Notes 2.80% to 6.10% \| Simon Property Group L.P.
Debt
Amount of debt redeemed				$ 1,200,000	$ 1,200,000
Senior Unsecured Notes 2.80% to 6.10% \| Minimum \| Simon Property Group L.P.
Debt
Interest rate on debt (as a percent)				2.80%	2.80%
Senior Unsecured Notes 2.80% to 6.10% \| Maximum \| Simon Property Group L.P.
Debt
Interest rate on debt (as a percent)				6.10%	6.10%
Senior Unsecured Notes 10.35% \| Simon Property Group L.P.
Debt
Amount of debt redeemed				$ 650,000	$ 650,000
Interest rate on debt (as a percent)				10.35%	10.35%
Loss on debt extinguishment				$ 136,800
Secured Debt \| Fixed Rate Mortgages
Debt
Debt issuance costs				15,965	$ 15,965	11,225
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				5,876,831	5,876,831	5,974,202
Net premiums				$ 21,916	$ 21,916	44,594
Weighted-average interest rate, fixed-rate debt (as a percent)				4.15%	4.15%
Weighted average maturity period, fixed-rate debt					7 years
Secured Debt \| Variable Rate Mortgages
Debt
Debt issuance costs				$ 690	$ 690	913
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness				$ 592,655	$ 592,655	629,087
Weighted average interest rate, variable-rate debt (as a percent)				2.10%	2.10%
Weighted average maturity period, variable-rate debt					2 years 9 months 18 days
Secured Debt \| Mortgage
Debt
Total Mortgages and Unsecured Indebtedness				$ 6,500,000	$ 6,500,000	6,600,000
Debt repaid					$ 638,900
Weighted interest rate of debt repaid (as a percent)					7.03%
Number of unencumbered properties released on repayment of debt \| property					6
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item					45
Number of properties secured by non-recourse mortgage notes \| property				48	48
Number of cross-defaulted and cross-collateralized mortgage pools \| item				2	2
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property				5	5
Unsecured Debt \| Senior unsecured notes
Debt
Debt issuance costs				$ 65,801	$ 65,801	52,749
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				15,252,834	15,252,834	13,477,678
Net discounts				$ 46,426	$ 46,426	44,698
Weighted-average interest rate, fixed-rate debt (as a percent)				3.37%	3.37%
Weighted average maturity period, fixed-rate debt					8 years 2 months 12 days
Unsecured Debt \| Senior unsecured notes \| Simon Property Group L.P.
Debt
Total Mortgages and Unsecured Indebtedness				$ 15,400,000	$ 15,400,000
Unsecured Debt \| Senior Unsecured Notes 2.50% due 2021 \| Simon Property Group L.P.
Debt
Debt issued													$ 550,000
Interest rate on debt (as a percent)													2.50%
Unsecured Debt \| Senior Unsecured Notes 3.30% due 2026 \| Simon Property Group L.P.
Debt
Debt issued													$ 800,000
Interest rate on debt (as a percent)													3.30%
Unsecured Debt \| Commercial Paper
Fixed-Rate Debt:
Fixed-rate mortgages and unsecured indebtedness				953,665	953,665	878,657
Unsecured Debt \| Commercial Paper \| Simon Property Group L.P.
Debt
Credit facility, amount outstanding				953,700	953,700
Maximum borrowing capacity				1,000,000	1,000,000
Unsecured Debt \| Commercial Paper \| Simon Property Group L.P. \| Euro
Debt
Credit facility, amount outstanding				$ 79,300	$ 79,300
Weighted average interest rate (as a percent)				(0.25%)	(0.25%)
Unsecured Debt \| Commercial Paper \| Simon Property Group L.P. \| USD
Debt
Credit facility, amount outstanding				$ 874,400	$ 874,400
Weighted average interest rate (as a percent)				0.83%	0.83%
Unsecured Debt \| Credit Facility and the Supplemental Facility \| Simon Property Group L.P.
Debt
Available borrowing capacity				$ 6,200,000	$ 6,200,000
Maximum amount outstanding during period					1,500,000
Credit facility, weighted average amount outstanding					596,400
Letters of credit outstanding				18,800	18,800
Unsecured Debt \| Credit Facility
Debt
Debt issuance costs				15,380	15,380	20,558
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness				301,119	301,119	1,217,104
Unsecured Debt \| Credit Facility \| Simon Property Group L.P.
Debt
Maximum borrowing capacity				4,000,000	4,000,000
Optional expanded maximum borrowing capacity				5,000,000	$ 5,000,000
Additional facility fee (as a percent)					0.10%
Unsecured Debt \| Credit Facility \| Simon Property Group L.P. \| LIBOR
Debt
Interest added to reference rate (as a percent)					0.80%
Unsecured Debt \| Credit Facility \| Simon Property Group L.P. \| Yen
Debt
Credit facility, amount outstanding				191,500	$ 191,500
Unsecured Debt \| Credit Facility \| Maximum \| Simon Property Group L.P.
Debt
Percentage of borrowings in currencies other than the U.S. dollar					0.75%
Unsecured Debt \| Supplemental Facility \| Simon Property Group L.P.
Debt
Credit facility, amount outstanding				316,500	$ 316,500
Maximum borrowing capacity				3,500,000	$ 3,500,000							$ 2,750,000
Unsecured Debt \| Amended Supplemental Facility \| Simon Property Group L.P.
Debt
Maximum borrowing capacity											$ 3,500,000
Additional facility fee (as a percent)					0.10%
Expanded maximum borrowing capacity					$ 4,250,000
Accordion feature to increase borrowing capacity from $2.75 billion to $3.50 billion											750,000
Accordion feature to increase borrowing capacity from $3.50 billion to $4.25 billion											$ 750,000
Unsecured Debt \| Amended Supplemental Facility \| Simon Property Group L.P. \| LIBOR
Debt
Interest added to reference rate (as a percent)					0.80%
Unsecured Debt \| Term loan
Debt
Debt issuance costs				$ 0	$ 0	46
Variable-Rate Debt:
Variable-rate mortgages and unsecured indebtedness						$ 239,954
Unsecured Debt \| Term loan \| Simon Property Group L.P.
Debt
Debt repaid					$ 240,000
Outlet Centers In Italy
Debt
Ownership interests acquired (as a percent)	33.00%
Debt covenants
Number of consolidated properties under step acquisition \| property	2
Designer Outlet properties \| European Joint Venture
Debt covenants
Number of properties secured by non-recourse mortgage notes \| property		6				6
Designer Outlet properties \| European Joint Venture
Debt covenants
Number of consolidated properties under step acquisition \| property		2
Europe \| Parndorf Designer Outlet
Debt
Mortgage debt assumed		$ 100,600
Interest rate on debt (as a percent)		1.90%
Europe \| Roermond Designer Outlet
Debt
Mortgage debt assumed		$ 196,800
Interest rate on debt (as a percent)		1.88%
Europe \| La Reggia Designer Outlet
Debt
Mortgage debt assumed	$ 62,100
Interest rate on debt (as a percent)	1.13%
Europe \| Venice Designer Outlet
Debt
Mortgage debt assumed	$ 89,000
Interest rate on debt (as a percent)	1.68%
Europe \| Designer Outlet properties
Debt covenants
Number of properties secured by non-recourse mortgage notes \| property				6	6

Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Maturity and Other
2017	$ 2,233,249
2018	802,806
2019	742,323
2020	3,563,396
2021	2,740,755
Thereafter	13,016,921
Total principal maturities	23,099,450
Net unamortized debt premium	(24,510)
Debt issuance costs, net	(97,836)	$ (85,491)
Total mortgages and unsecured indebtedness	22,977,104	22,416,682
Cash paid for interest	$ 887,118	$ 943,683	$ 1,018,911

Indebtedness and Derivative Financial Instruments - Derivatives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) DerivativeInstrument
Derivative Financial Instruments
Unamortized loss of benefits from treasury and interest rate hedge agreements	$ 35.4	$ 60.8
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year	9.2
Interest Rate Contract
Derivative Financial Instruments
Number of Instruments \| DerivativeInstrument		0
Interest rate swap
Derivative Financial Instruments
Notional Amount	$ 250.0

Indebtedness and Derivative Financial Instruments - Debt Issuance Costs and Discounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt issuance cost
Debt issuance costs	$ 166,041	$ 137,876
Accumulated amortization	(68,205)	(52,385)
Debt issuance costs	97,836	85,491
Amortization of Debt Issuance Costs and Discounts
Amortization of debt issuance costs	21,703	19,349	$ 21,392
Amortization of debt premiums, net discounts	$ (14,583)	$ (16,107)	$ (24,092)

Indebtedness and Derivative Financial Instruments - Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Book value
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 22,100	$ 20,400
Fixed-rate mortgages and unsecured indebtedness \| Fair value
Fair Value of Debt
Fair value of fixed-rate mortgages and unsecured indebtedness	$ 22,703	$ 21,331
Mortgage
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value for debt (as a percent)	4.12%	3.46%
Unsecured Debt
Fair Value of Debt
Weighted average discount rates assumed in calculation of fair value for debt (as a percent)	3.83%	3.59%

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Future minimum rentals to be received under noncancelable tenant operating leases
2017	$ 2,859,314
2018	2,586,515
2019	2,299,751
2020	2,067,586
2021	1,778,677
Thereafter	4,740,742
Future minimum rental receivables	$ 16,332,585

Equity - Common Stock and Unit Issuances and Repurchases (Details) $ / shares in Units, $ in Billions			12 Months Ended
	Feb. 13, 2017	Apr. 02, 2015 USD ($)	Dec. 31, 2016 item $ / shares shares	Dec. 31, 2015 $ / shares shares	Dec. 31, 2014 shares
Equity
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock			1
Exchange of limited partner units, (in shares) \| shares			5,020,919	489,291	70,291
Period common stock is authorized to repurchase		24 months
Extension period common stock is authorized for repurchase	2 years
Shares repurchased (in shares) \| shares			1,409,197	1,903,340
Average share price repurchased (in dollars per share) \| $ / shares			$ 181.14	$ 180.19
Class B common stock
Equity
Common Stock, Shares, Outstanding \| shares			8,000	8,000
Number of voting trusts which are subject to outstanding shares common stock			2
Common Stock
Equity
Number of votes entitled per share to holders of common stock			1
Limited Partners
Equity
Exchange of limited partner units, (in shares) \| shares			5,020,919
Number of limited partners who received common stock			14
Maximum
Equity
Common stock authorized for repurchase \| $		$ 2.0
Maximum \| Class B common stock
Equity
Number of members of board of directors elected under entitlement of right			4

Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) item $ / shares shares	Dec. 31, 2015 USD ($) shares
Redeemable preferred stock
Preferred stock stated dividend rate percentage	8.375%	8.375%
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 137,762	$ 25,537
Simon Property Group L.P.
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 137,762	25,537
7.5% Cumulative Redeemable Preferred Units
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value	$ 0	$ 0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100.00
Liquidation preference (in dollars per share) \| $ / shares	$ 100.00
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
7.5% Cumulative Redeemable Preferred Units \| Simon Property Group L.P.
Redeemable preferred stock
Number of series of units classified into temporary equity \| item	1
Noncontrolling interests redeemable at amounts in excess of fair value	$ 0	$ 0
Preferred stock stated dividend rate percentage	7.50%	7.50%
Temporary equity, shares authorized \| shares	260,000	260,000
Temporary equity, shares issued \| shares	255,373	255,373
Temporary equity, shares outstanding \| shares	255,373	255,373
Cumulative quarterly distributions on preferred units (in dollars per share) \| $ / shares	$ 7.50
Temporary equity redemption price (in dollars per share) \| $ / shares	100.00
Liquidation preference (in dollars per share) \| $ / shares	$ 100.00
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 25,537	$ 25,537
Other noncontrolling redeemable interest
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	112,225
Other noncontrolling redeemable interest \| Simon Property Group L.P.
Redeemable preferred stock
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties	$ 112,225

Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Series J Preferred stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50.00
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 3.6	$ 3.9
Simon Property Group L.P.
Equity
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948	796,948
Simon Property Group L.P. \| Series J Preferred stock
Equity
Preferred stock stated dividend rate percentage	8.375%	8.375%
Redemption price of preferred stock (in dollars per share)	$ 50.00
Premium received on preferred stock issued	$ 7.5
Preferred stock unamortized premium	$ 3.6	$ 3.9
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000
J 8 3/8% cumulative redeemable preferred stock, units issued	796,948
J 8 3/8% cumulative redeemable preferred stock, units outstanding	796,948

Equity - Stock Based Compensation (Details)			12 Months Ended
Equity - Stock Based Compensation (Details)	Dec. 31, 2013 shares	Jul. 06, 2011 USD ($) shares	Dec. 31, 2016 USD ($) item $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares
Stock-based incentive plan awards
Notes Receivable from Former CPI Stockholders			$ 14,800,000
Exchange Rights
Limited partners units, exchange ratio \| item			1
Common stock reserved for possible conversion (in shares) \| shares			50,775,934
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization			$ 9,100,000	$ 9,400,000	$ 12,300,000
Total number of shares awarded, net of forfeiture \| shares			5,658,007
Shares of restricted stock awarded during the year, net of forfeitures \| shares			63,324	63,738	83,509
Weighted average fair value of shares granted during the period (in dollars per share) \| $ / shares			$ 209.16	$ 197.17	$ 166.36
Amortization expense			$ 12,024,000	$ 13,692,000	$ 18,256,000
Restricted stock \| Minimum
Stock-based incentive plan awards
Vesting period			3 years
Restricted stock \| Maximum
Stock-based incentive plan awards
Vesting period			4 years
Restricted stock \| Directors
Stock-based incentive plan awards
Vesting period			1 year
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Grant Date Fair Value		$ 120,300,000
Awards earned \| shares		1,000,000
Service period		8 years
LTIP Retention Award to Chairman and CEO \| A Units
Stock-based incentive plan awards
Awards earned \| shares				360,000
LTIP Retention Award to Chairman and CEO \| A Units \| Maximum
Stock-based incentive plan awards
Units to be earned (in shares) \| shares	360,000
LTIP Retention Award to Chairman and CEO \| B Units
Stock-based incentive plan awards
Awards earned \| shares			360,000
LTIP Retention Award to Chairman and CEO \| B Units \| Maximum
Stock-based incentive plan awards
Units to be earned (in shares) \| shares	360,000
LTIP Retention Award to Chairman and CEO \| C Units \| Maximum
Stock-based incentive plan awards
Units to be earned (in shares) \| shares	280,000
Employee Options
Stock-based incentive plan awards
Vesting period			3 years
Expiration period			10 years
Options outstanding (in shares) \| shares					0
1998 Stock Incentive Plan
Stock-based incentive plan awards
Shares reserved for issuance (in shares) \| shares			16,300,000
1998 Stock Incentive Plan \| Audit Committee Chairman
Stock-based incentive plan awards
Retainer			$ 35,000
1998 Stock Incentive Plan \| Compensation Committee Chairman
Stock-based incentive plan awards
Retainer			35,000
1998 Stock Incentive Plan \| Nominating And Governance Committee Chairman
Stock-based incentive plan awards
Retainer			25,000
1998 Stock Incentive Plan \| Audit Committee Member
Stock-based incentive plan awards
Retainer			15,000
1998 Stock Incentive Plan \| Compensation Committee Member
Stock-based incentive plan awards
Retainer			15,000
1998 Stock Incentive Plan \| Nominating And Governance Committee Member
Stock-based incentive plan awards
Retainer			$ 10,000
1998 Stock Incentive Plan \| Directors
Stock-based incentive plan awards
Retainer fee paid cash (as a percent)			50.00%
1998 Stock Incentive Plan \| Independent Director
Stock-based incentive plan awards
Cash retainer			$ 100,000
1998 Stock Incentive Plan \| Lead Director
Stock-based incentive plan awards
Retainer			$ 50,000
1998 Stock Incentive Plan \| Restricted stock \| Directors
Stock-based incentive plan awards
Retainer fee paid in restricted shares (as a percent)			50.00%
1998 Stock Incentive Plan \| Restricted stock \| Independent Director
Stock-based incentive plan awards
Grant date value of restricted stock			$ 150,000
LTIP program
Stock-based incentive plan awards
Vesting period			2 years
Vesting rights percentage			50.00%
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period			10.00%
Compensation expense, net of capitalization			$ 31,000,000	$ 24,900,000	$ 27,600,000
1-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 7,200,000
LTIP Units Earned (in shares) \| shares			133,673
Performance period			1 year
2-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 14,800,000
LTIP Units Earned (in shares) \| shares			337,006
Performance period			2 years
3-year 2010 LTIP Program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 23,000,000
LTIP Units Earned (in shares) \| shares			489,654
Performance period			3 years
2011-2013 LTIP Program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 35,000,000
LTIP Units Earned (in shares) \| shares			469,848
2012-2014 LTIP Program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 35,000,000
LTIP Units Earned (in shares) \| shares			401,203
2013-2015 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 29,500,000
LTIP Units Earned (in shares) \| shares			482,779
2014-2016 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			$ 30,000,000
2015-2017 LTIP program \| LTIP Units
Stock-based incentive plan awards
Grant Date Fair Value			27,400,000
2016-2018 LTIP program
Stock-based incentive plan awards
Grant Date Fair Value			$ 28,800,000

Commitments and Contingencies - Litigation (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	May 31, 2010	Aug. 31, 2015	Mar. 31, 2015
Insurance
Insurance proceeds funded by insurers	$ 50.0
Minimum insurance coverage	50.0
Additional insurance proceeds	$ 150.0
Positive Outcome of Litigation
Insurance
Damages awarded, including amounts previously paid		$ 204.1
Positive Outcome of Litigation \| Maximum
Insurance
Summary judgment of additional insurance coverage available under excess insurance policy			$ 150.0

Commitments and Contingencies - Lease and Insurance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Lease Commitments
Properties subject to ground leases \| property	22
Future minimum lease payments due under leases
2017	$ 30,669
2018	30,570
2019	26,963
2020	24,327
2021	23,815
Thereafter	675,795
Total	812,139
Insurance
Insurance coverage, acts of terrorism	1,000,000
Ground
Lease Commitments
Lease expense	38,764	$ 38,851	$ 39,898
Office
Lease Commitments
Lease expense	$ 4,105	$ 4,067	$ 4,577

Commitments and Contingencies - Guarantees of Indebtedness (Details) - Joint venture mortgage indebtedness - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 400.5	$ 353.7
Loan guarantees recoverable	$ 87.3	$ 112.8

Commitments and Contingencies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2016
Consolidated Revenues \| Concentration of credit risk \| Minimum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Development, royalty and other fees
Related Party Transactions
Amounts charged to related party	$ 14,400	$ 13,600	$ 13,700
Unconsolidated joint ventures \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	138,496	154,098	133,730
Unconsolidated joint ventures \| Fees for financing activities
Related Party Transactions
Amounts charged to related party	9,100	2,300	4,200
Properties owned by related parties \| Amounts for services provided
Related Party Transactions
Amounts charged to related party	$ 5,384	$ 4,324	$ 4,393

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total revenue	$ 1,425,966	$ 1,357,168	$ 1,315,380	$ 1,336,715	$ 1,380,621	$ 1,320,137	$ 1,349,110	$ 1,216,235	$ 5,435,229	$ 5,266,103	$ 4,870,818
Operating income	700,501	676,191	659,236	684,901	709,730	657,587	702,385	599,171	2,720,828	2,668,873	2,385,342
Consolidated net income	455,602	587,940	527,325	563,839	459,917	492,496	554,526	632,435	2,134,706	2,139,375	1,651,526
Net Income attributable to common stockholders or unitholders	$ 394,431	$ 504,744	$ 455,389	$ 480,995	$ 392,297	$ 420,009	$ 472,944	$ 539,134	$ 1,835,559	$ 1,824,383	$ 1,405,251
Net income per share - Basic and Diluted	$ 1.26	$ 1.61	$ 1.45	$ 1.55	$ 1.27	$ 1.36	$ 1.52	$ 1.73	$ 5.87	$ 5.88	$ 4.52
Weighted Average Shares Outstanding — Basic and Diluted	313,684,810	314,234,418	313,399,467	309,416,266	309,418,757	309,417,298	310,498,911	311,101,297	312,690,756	310,102,746	310,731,032
Simon Property Group L.P.
Total revenue									$ 5,435,229	$ 5,266,103	$ 4,870,818
Operating income									2,720,828	2,668,873	2,385,342
Consolidated net income									2,134,706	2,139,375	1,651,526
Net Income attributable to common stockholders or unitholders	$ 453,726	$ 581,266	$ 525,447	$ 561,797	$ 457,759	$ 490,344	$ 552,604	$ 630,432	$ 2,122,236	$ 2,131,139	$ 1,643,783
Net income per share - Basic and Diluted	$ 1.26	$ 1.61	$ 1.45	$ 1.55	$ 1.27	$ 1.36	$ 1.52	$ 1.73	$ 5.87	$ 5.88	$ 4.52
Weighted Average Shares Outstanding — Basic and Diluted	361,186,785	361,764,112	361,761,991	361,394,591	361,234,804	361,234,111	362,762,067	363,784,004	361,526,633	362,244,154	363,475,504

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	$ 6,464,225
Initial Cost
Land	3,231,631
Buildings and Improvements	24,518,078
Costs Capitalized Subsequent to Acquisition
Land	337,304
Buildings and Improvements	6,810,929
Gross Amounts At Which Carried At Close of Period
Land	3,568,935
Buildings and Improvements	31,329,007
Total	34,897,942	$ 33,132,885	$ 31,014,133	$ 30,048,230
Accumulated Depreciation	10,664,738	$ 9,696,420	$ 8,740,928	$ 7,896,614
Malls \| Barton Creek Square, Austin, TX
Initial Cost
Land	2,903
Buildings and Improvements	20,929
Costs Capitalized Subsequent to Acquisition
Land	7,983
Buildings and Improvements	71,575
Gross Amounts At Which Carried At Close of Period
Land	10,886
Buildings and Improvements	92,504
Total	103,390
Accumulated Depreciation	58,843
Malls \| Battlefield Mall, Springfield, MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	122,131
Initial Cost
Land	3,919
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	3,000
Buildings and Improvements	64,291
Gross Amounts At Which Carried At Close of Period
Land	6,919
Buildings and Improvements	91,522
Total	98,441
Accumulated Depreciation	67,333
Malls \| Bay Park Square, Green Bay, WI
Initial Cost
Land	6,358
Buildings and Improvements	25,623
Costs Capitalized Subsequent to Acquisition
Land	4,106
Buildings and Improvements	26,112
Gross Amounts At Which Carried At Close of Period
Land	10,464
Buildings and Improvements	51,735
Total	62,199
Accumulated Depreciation	30,309
Malls \| Brea Mall, Brea (Los Angeles), CA
Initial Cost
Land	39,500
Buildings and Improvements	209,202
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	48,624
Gross Amounts At Which Carried At Close of Period
Land	39,500
Buildings and Improvements	257,826
Total	297,326
Accumulated Depreciation	127,932
Malls \| Broadway Square, Tyler, TX
Initial Cost
Land	11,306
Buildings and Improvements	32,431
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	26,077
Gross Amounts At Which Carried At Close of Period
Land	11,306
Buildings and Improvements	58,508
Total	69,814
Accumulated Depreciation	33,679
Malls \| Burlington Mall, Burlington (Boston), MA
Initial Cost
Land	46,600
Buildings and Improvements	303,618
Costs Capitalized Subsequent to Acquisition
Land	19,600
Buildings and Improvements	103,748
Gross Amounts At Which Carried At Close of Period
Land	66,200
Buildings and Improvements	407,366
Total	473,566
Accumulated Depreciation	199,546
Malls \| Castleton Square, Indianapolis, IN
Initial Cost
Land	26,250
Buildings and Improvements	98,287
Costs Capitalized Subsequent to Acquisition
Land	7,434
Buildings and Improvements	79,358
Gross Amounts At Which Carried At Close of Period
Land	33,684
Buildings and Improvements	177,645
Total	211,329
Accumulated Depreciation	99,635
Malls \| Cielo Vista Mall, El Paso, TX
Initial Cost
Land	1,005
Buildings and Improvements	15,262
Costs Capitalized Subsequent to Acquisition
Land	608
Buildings and Improvements	55,899
Gross Amounts At Which Carried At Close of Period
Land	1,613
Buildings and Improvements	71,161
Total	72,774
Accumulated Depreciation	45,235
Malls \| College Mall, Bloomington, IN
Initial Cost
Land	1,003
Buildings and Improvements	16,245
Costs Capitalized Subsequent to Acquisition
Land	720
Buildings and Improvements	53,359
Gross Amounts At Which Carried At Close of Period
Land	1,723
Buildings and Improvements	69,604
Total	71,327
Accumulated Depreciation	39,530
Malls \| Columbia Center, Kennewick, WA
Initial Cost
Land	17,441
Buildings and Improvements	66,580
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,566
Gross Amounts At Which Carried At Close of Period
Land	17,441
Buildings and Improvements	98,146
Total	115,587
Accumulated Depreciation	52,298
Malls \| Copley Place, Boston, MA
Initial Cost
Buildings and Improvements	378,045
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	159,785
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	537,830
Total	537,830
Accumulated Depreciation	201,999
Malls \| Coral Square, Coral Springs (Miami), FL
Initial Cost
Land	13,556
Buildings and Improvements	93,630
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	22,661
Gross Amounts At Which Carried At Close of Period
Land	13,556
Buildings and Improvements	116,291
Total	129,847
Accumulated Depreciation	82,854
Malls \| Cordova Mall, Pensacola, FL
Initial Cost
Land	18,626
Buildings and Improvements	73,091
Costs Capitalized Subsequent to Acquisition
Land	7,321
Buildings and Improvements	65,397
Gross Amounts At Which Carried At Close of Period
Land	25,947
Buildings and Improvements	138,488
Total	164,435
Accumulated Depreciation	62,510
Malls \| Domain, The, Austin, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	191,842
Initial Cost
Land	40,436
Buildings and Improvements	197,010
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	142,088
Gross Amounts At Which Carried At Close of Period
Land	40,436
Buildings and Improvements	339,098
Total	379,534
Accumulated Depreciation	125,788
Malls \| Empire Mall, Sioux Falls, SD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	190,000
Initial Cost
Land	35,998
Buildings and Improvements	192,186
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,845
Gross Amounts At Which Carried At Close of Period
Land	35,998
Buildings and Improvements	217,031
Total	253,029
Accumulated Depreciation	38,305
Malls \| Fashion Mall at Keystone, The, Indianapolis, IN
Initial Cost
Buildings and Improvements	120,579
Costs Capitalized Subsequent to Acquisition
Land	29,145
Buildings and Improvements	93,330
Gross Amounts At Which Carried At Close of Period
Land	29,145
Buildings and Improvements	213,909
Total	243,054
Accumulated Depreciation	102,416
Malls \| Firewheel Town Center, Garland (Dallas), TX
Initial Cost
Land	8,485
Buildings and Improvements	82,716
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,246
Gross Amounts At Which Carried At Close of Period
Land	8,485
Buildings and Improvements	109,962
Total	118,447
Accumulated Depreciation	51,519
Malls \| Forum Shops at Caesars, The, Las Vegas, NV
Initial Cost
Buildings and Improvements	276,567
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	248,739
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	525,306
Total	525,306
Accumulated Depreciation	228,438
Malls \| Greenwood Park Mall, Greenwood (Indianapolis), IN
Initial Cost
Land	2,423
Buildings and Improvements	23,445
Costs Capitalized Subsequent to Acquisition
Land	5,253
Buildings and Improvements	115,932
Gross Amounts At Which Carried At Close of Period
Land	7,676
Buildings and Improvements	139,377
Total	147,053
Accumulated Depreciation	75,887
Malls \| Haywood Mall, Greenville, SC
Initial Cost
Land	11,585
Buildings and Improvements	133,893
Costs Capitalized Subsequent to Acquisition
Land	6
Buildings and Improvements	37,999
Gross Amounts At Which Carried At Close of Period
Land	11,591
Buildings and Improvements	171,892
Total	183,483
Accumulated Depreciation	97,994
Malls \| Independence Center, Independence (Kansas City), MO
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	200,000
Initial Cost
Land	5,042
Buildings and Improvements	45,798
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	42,025
Gross Amounts At Which Carried At Close of Period
Land	5,042
Buildings and Improvements	87,823
Total	92,865
Accumulated Depreciation	47,374
Malls \| Ingram Park Mall, San Antonio, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	133,092
Initial Cost
Land	733
Buildings and Improvements	16,972
Costs Capitalized Subsequent to Acquisition
Land	37
Buildings and Improvements	25,383
Gross Amounts At Which Carried At Close of Period
Land	770
Buildings and Improvements	42,355
Total	43,125
Accumulated Depreciation	28,012
Malls \| King of Prussia, King of Prussia (Philadelphia), PA
Initial Cost
Land	175,063
Buildings and Improvements	1,128,200
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	317,329
Gross Amounts At Which Carried At Close of Period
Land	175,063
Buildings and Improvements	1,445,529
Total	1,620,592
Accumulated Depreciation	243,296
Malls \| La Plaza Mall, McAllen, TX
Initial Cost
Land	87,912
Buildings and Improvements	9,828
Costs Capitalized Subsequent to Acquisition
Land	6,569
Buildings and Improvements	107,393
Gross Amounts At Which Carried At Close of Period
Land	94,481
Buildings and Improvements	117,221
Total	211,702
Accumulated Depreciation	35,041
Malls \| Lakeline Mall, Cedar Park (Austin), TX
Initial Cost
Land	10,088
Buildings and Improvements	81,568
Costs Capitalized Subsequent to Acquisition
Land	14
Buildings and Improvements	16,818
Gross Amounts At Which Carried At Close of Period
Land	10,102
Buildings and Improvements	98,386
Total	108,488
Accumulated Depreciation	54,544
Malls \| Mall of Georgia, Buford (Atlanta), GA
Initial Cost
Land	47,492
Buildings and Improvements	326,633
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,700
Gross Amounts At Which Carried At Close of Period
Land	47,492
Buildings and Improvements	332,333
Total	379,825
Accumulated Depreciation	149,660
Malls \| McCain Mall, N. Little Rock, AR
Initial Cost
Buildings and Improvements	9,515
Costs Capitalized Subsequent to Acquisition
Land	10,530
Buildings and Improvements	28,945
Gross Amounts At Which Carried At Close of Period
Land	10,530
Buildings and Improvements	38,460
Total	48,990
Accumulated Depreciation	12,808
Malls \| Menlo Park Mall, Edison (New York), NJ
Initial Cost
Land	65,684
Buildings and Improvements	223,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	71,007
Gross Amounts At Which Carried At Close of Period
Land	65,684
Buildings and Improvements	294,259
Total	359,943
Accumulated Depreciation	154,740
Malls \| Midland Park Mall, Midland, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	78,807
Initial Cost
Land	687
Buildings and Improvements	9,213
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	24,849
Gross Amounts At Which Carried At Close of Period
Land	687
Buildings and Improvements	34,062
Total	34,749
Accumulated Depreciation	20,276
Malls \| Miller Hill Mall, Duluth, MN
Initial Cost
Land	2,965
Buildings and Improvements	18,092
Costs Capitalized Subsequent to Acquisition
Land	1,811
Buildings and Improvements	42,181
Gross Amounts At Which Carried At Close of Period
Land	4,776
Buildings and Improvements	60,273
Total	65,049
Accumulated Depreciation	38,865
Malls \| Montgomery Mall, North Wales (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	100,000
Initial Cost
Land	27,105
Buildings and Improvements	86,915
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	62,597
Gross Amounts At Which Carried At Close of Period
Land	27,105
Buildings and Improvements	149,512
Total	176,617
Accumulated Depreciation	59,216
Malls \| North East Mall, Hurst (Dallas), TX
Initial Cost
Land	128
Buildings and Improvements	12,966
Costs Capitalized Subsequent to Acquisition
Land	19,010
Buildings and Improvements	149,629
Gross Amounts At Which Carried At Close of Period
Land	19,138
Buildings and Improvements	162,595
Total	181,733
Accumulated Depreciation	102,679
Malls \| Northgate Mall, Seattle, WA
Initial Cost
Land	23,586
Buildings and Improvements	115,992
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	121,976
Gross Amounts At Which Carried At Close of Period
Land	23,586
Buildings and Improvements	237,968
Total	261,554
Accumulated Depreciation	113,611
Malls \| Ocean County Mall, Toms River (New York), NJ
Initial Cost
Land	20,404
Buildings and Improvements	124,945
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	32,116
Gross Amounts At Which Carried At Close of Period
Land	20,404
Buildings and Improvements	157,061
Total	177,465
Accumulated Depreciation	81,367
Malls \| Orland Square, Orland Park (Chicago), IL
Initial Cost
Land	35,514
Buildings and Improvements	129,906
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	52,261
Gross Amounts At Which Carried At Close of Period
Land	35,514
Buildings and Improvements	182,167
Total	217,681
Accumulated Depreciation	95,615
Malls \| Oxford Valley Mall, Langhorne (Philadelphia), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	63,931
Initial Cost
Land	24,544
Buildings and Improvements	100,287
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	18,942
Gross Amounts At Which Carried At Close of Period
Land	24,544
Buildings and Improvements	119,229
Total	143,773
Accumulated Depreciation	72,372
Malls \| Penn Square Mall, Oklahoma City, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	310,000
Initial Cost
Land	2,043
Buildings and Improvements	155,958
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	50,801
Gross Amounts At Which Carried At Close of Period
Land	2,043
Buildings and Improvements	206,759
Total	208,802
Accumulated Depreciation	109,149
Malls \| Pheasant Lane Mall, Nashua, NH
Initial Cost
Land	3,902
Buildings and Improvements	155,068
Costs Capitalized Subsequent to Acquisition
Land	550
Buildings and Improvements	47,192
Gross Amounts At Which Carried At Close of Period
Land	4,452
Buildings and Improvements	202,260
Total	206,712
Accumulated Depreciation	93,096
Malls \| Phipps Plaza, Atlanta, GA
Initial Cost
Land	15,005
Buildings and Improvements	210,610
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	65,446
Gross Amounts At Which Carried At Close of Period
Land	15,005
Buildings and Improvements	276,056
Total	291,061
Accumulated Depreciation	131,792
Malls \| Plaza Carolina, Carolina (San Juan), PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	225,000
Initial Cost
Land	15,493
Buildings and Improvements	279,560
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	63,728
Gross Amounts At Which Carried At Close of Period
Land	15,493
Buildings and Improvements	343,288
Total	358,781
Accumulated Depreciation	135,962
Malls \| Prien Lake Mall, Lake Charles, LA
Initial Cost
Land	1,842
Buildings and Improvements	2,813
Costs Capitalized Subsequent to Acquisition
Land	3,053
Buildings and Improvements	49,380
Gross Amounts At Which Carried At Close of Period
Land	4,895
Buildings and Improvements	52,193
Total	57,088
Accumulated Depreciation	26,045
Malls \| Rockaway Townsquare, Rockaway (New York), NJ
Initial Cost
Land	41,918
Buildings and Improvements	212,257
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	46,283
Gross Amounts At Which Carried At Close of Period
Land	41,918
Buildings and Improvements	258,540
Total	300,458
Accumulated Depreciation	128,446
Malls \| Roosevelt Field, Garden City (New York), NY
Initial Cost
Land	163,160
Buildings and Improvements	702,008
Costs Capitalized Subsequent to Acquisition
Land	1,246
Buildings and Improvements	344,459
Gross Amounts At Which Carried At Close of Period
Land	164,406
Buildings and Improvements	1,046,467
Total	1,210,873
Accumulated Depreciation	402,839
Malls \| Ross Park Mall, Pittsburgh, PA
Initial Cost
Land	23,541
Buildings and Improvements	90,203
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	90,762
Gross Amounts At Which Carried At Close of Period
Land	23,541
Buildings and Improvements	180,965
Total	204,506
Accumulated Depreciation	107,322
Malls \| Santa Rosa Plaza, Santa Rosa, CA
Initial Cost
Land	10,400
Buildings and Improvements	87,864
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	27,312
Gross Amounts At Which Carried At Close of Period
Land	10,400
Buildings and Improvements	115,176
Total	125,576
Accumulated Depreciation	56,048
Malls \| Shops at Chestnut Hill, The, Chestnut Hill (Boston), MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	120,000
Initial Cost
Land	449
Buildings and Improvements	25,102
Costs Capitalized Subsequent to Acquisition
Land	43,257
Buildings and Improvements	103,027
Gross Amounts At Which Carried At Close of Period
Land	43,706
Buildings and Improvements	128,129
Total	171,835
Accumulated Depreciation	22,434
Malls \| Shops at Nanuet, The, Nanuet, NY
Initial Cost
Land	28,125
Buildings and Improvements	142,860
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,351
Gross Amounts At Which Carried At Close of Period
Land	28,125
Buildings and Improvements	154,211
Total	182,336
Accumulated Depreciation	20,843
Malls \| Shops at Riverside, The, Hackensack (New York), NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	130,000
Initial Cost
Land	13,521
Buildings and Improvements	238,746
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,174
Gross Amounts At Which Carried At Close of Period
Land	13,521
Buildings and Improvements	282,920
Total	296,441
Accumulated Depreciation	43,357
Malls \| South Hills Village, Pittsburgh, PA
Initial Cost
Land	23,445
Buildings and Improvements	125,840
Costs Capitalized Subsequent to Acquisition
Land	1,472
Buildings and Improvements	58,731
Gross Amounts At Which Carried At Close of Period
Land	24,917
Buildings and Improvements	184,571
Total	209,488
Accumulated Depreciation	86,316
Malls \| South Shore Plaza, Braintree (Boston), MA
Initial Cost
Land	101,200
Buildings and Improvements	301,495
Costs Capitalized Subsequent to Acquisition
Land	959
Buildings and Improvements	162,436
Gross Amounts At Which Carried At Close of Period
Land	102,159
Buildings and Improvements	463,931
Total	566,090
Accumulated Depreciation	210,327
Malls \| Southdale Center, Edina (Minneapolis), MN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	150,206
Initial Cost
Land	40,172
Buildings and Improvements	184,967
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	45,675
Gross Amounts At Which Carried At Close of Period
Land	40,172
Buildings and Improvements	230,642
Total	270,814
Accumulated Depreciation	39,374
Malls \| St. Charles Towne Center, Waldorf (Washington, DC), MD
Initial Cost
Land	7,710
Buildings and Improvements	52,934
Costs Capitalized Subsequent to Acquisition
Land	1,180
Buildings and Improvements	30,267
Gross Amounts At Which Carried At Close of Period
Land	8,890
Buildings and Improvements	83,201
Total	92,091
Accumulated Depreciation	53,925
Malls \| Stanford Shopping Center, Palo Alto (San Jose), CA
Initial Cost
Buildings and Improvements	339,537
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	123,251
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	462,788
Total	462,788
Accumulated Depreciation	148,063
Malls \| Summit Mall, Akron, OH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	85,000
Initial Cost
Land	15,374
Buildings and Improvements	51,137
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	49,423
Gross Amounts At Which Carried At Close of Period
Land	15,374
Buildings and Improvements	100,560
Total	115,934
Accumulated Depreciation	53,872
Malls \| Tacoma Mall, Tacoma (Seattle), WA
Initial Cost
Land	37,803
Buildings and Improvements	125,826
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	91,857
Gross Amounts At Which Carried At Close of Period
Land	37,803
Buildings and Improvements	217,683
Total	255,486
Accumulated Depreciation	114,404
Malls \| Tippecanoe Mall, Lafayette, IN
Initial Cost
Land	2,897
Buildings and Improvements	8,439
Costs Capitalized Subsequent to Acquisition
Land	5,517
Buildings and Improvements	47,804
Gross Amounts At Which Carried At Close of Period
Land	8,414
Buildings and Improvements	56,243
Total	64,657
Accumulated Depreciation	41,595
Malls \| Town Center at Boca Raton, Boca Raton (Miami), FL
Initial Cost
Land	64,200
Buildings and Improvements	307,317
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	180,708
Gross Amounts At Which Carried At Close of Period
Land	64,200
Buildings and Improvements	488,025
Total	552,225
Accumulated Depreciation	244,795
Malls \| Town Center at Cobb, Kennesaw (Atlanta), GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	191,885
Initial Cost
Land	32,355
Buildings and Improvements	158,225
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,686
Gross Amounts At Which Carried At Close of Period
Land	32,355
Buildings and Improvements	177,911
Total	210,266
Accumulated Depreciation	101,821
Malls \| Towne East Square, Wichita, KS
Initial Cost
Land	8,525
Buildings and Improvements	18,479
Costs Capitalized Subsequent to Acquisition
Land	4,108
Buildings and Improvements	45,486
Gross Amounts At Which Carried At Close of Period
Land	12,633
Buildings and Improvements	63,965
Total	76,598
Accumulated Depreciation	44,430
Malls \| Treasure Coast Square, Jensen Beach, FL
Initial Cost
Land	11,124
Buildings and Improvements	72,990
Costs Capitalized Subsequent to Acquisition
Land	3,067
Buildings and Improvements	38,213
Gross Amounts At Which Carried At Close of Period
Land	14,191
Buildings and Improvements	111,203
Total	125,394
Accumulated Depreciation	64,440
Malls \| Tyrone Square, St. Petersburg (Tampa), FL
Initial Cost
Land	15,638
Buildings and Improvements	120,962
Costs Capitalized Subsequent to Acquisition
Land	1,459
Buildings and Improvements	51,092
Gross Amounts At Which Carried At Close of Period
Land	17,097
Buildings and Improvements	172,054
Total	189,151
Accumulated Depreciation	90,365
Malls \| University Park Mall, Mishawaka, IN
Initial Cost
Land	16,768
Buildings and Improvements	112,158
Costs Capitalized Subsequent to Acquisition
Land	7,000
Buildings and Improvements	57,526
Gross Amounts At Which Carried At Close of Period
Land	23,768
Buildings and Improvements	169,684
Total	193,452
Accumulated Depreciation	139,214
Malls \| Walt Whitman Shops, Huntington Station (New York), NY
Initial Cost
Land	51,700
Buildings and Improvements	111,258
Costs Capitalized Subsequent to Acquisition
Land	3,789
Buildings and Improvements	127,103
Gross Amounts At Which Carried At Close of Period
Land	55,489
Buildings and Improvements	238,361
Total	293,850
Accumulated Depreciation	101,692
Malls \| White Oaks Mall, Springfield, IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	51,500
Initial Cost
Land	3,024
Buildings and Improvements	35,692
Costs Capitalized Subsequent to Acquisition
Land	2,102
Buildings and Improvements	63,561
Gross Amounts At Which Carried At Close of Period
Land	5,126
Buildings and Improvements	99,253
Total	104,379
Accumulated Depreciation	48,180
Malls \| Wolfchase Galleria, Memphis, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	164,555
Initial Cost
Land	15,881
Buildings and Improvements	128,276
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	16,757
Gross Amounts At Which Carried At Close of Period
Land	15,881
Buildings and Improvements	145,033
Total	160,914
Accumulated Depreciation	81,285
Malls \| Woodland Hills Mall, Tulsa, OK
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	88,943
Initial Cost
Land	34,211
Buildings and Improvements	187,123
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	28,499
Gross Amounts At Which Carried At Close of Period
Land	34,211
Buildings and Improvements	215,622
Total	249,833
Accumulated Depreciation	114,697
Premium Outlets \| Albertville Premium Outlets, Albertville (Minneapolis), MN
Initial Cost
Land	3,900
Buildings and Improvements	97,059
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,138
Gross Amounts At Which Carried At Close of Period
Land	3,900
Buildings and Improvements	105,197
Total	109,097
Accumulated Depreciation	44,086
Premium Outlets \| Allen Premium Outlets, Allen (Dallas), TX
Initial Cost
Land	13,855
Buildings and Improvements	43,687
Costs Capitalized Subsequent to Acquisition
Land	9,137
Buildings and Improvements	26,102
Gross Amounts At Which Carried At Close of Period
Land	22,992
Buildings and Improvements	69,789
Total	92,781
Accumulated Depreciation	28,265
Premium Outlets \| Aurora Farms Premium Outlets, Aurora (Cleveland), OH
Initial Cost
Land	2,370
Buildings and Improvements	24,326
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,796
Gross Amounts At Which Carried At Close of Period
Land	2,370
Buildings and Improvements	30,122
Total	32,492
Accumulated Depreciation	20,649
Premium Outlets \| Birch Run Premium Outlets, Birch Run (Detroit), MI
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	123,000
Initial Cost
Land	11,477
Buildings and Improvements	77,856
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	6,288
Gross Amounts At Which Carried At Close of Period
Land	11,477
Buildings and Improvements	84,144
Total	95,621
Accumulated Depreciation	25,000
Premium Outlets \| Camarillo Premium Outlets, Camarillo (Los Angeles), CA
Initial Cost
Land	16,670
Buildings and Improvements	224,721
Costs Capitalized Subsequent to Acquisition
Land	395
Buildings and Improvements	66,193
Gross Amounts At Which Carried At Close of Period
Land	17,065
Buildings and Improvements	290,914
Total	307,979
Accumulated Depreciation	113,760
Premium Outlets \| Carlsbad Premium Outlets, Carlsbad (San Diego), CA
Initial Cost
Land	12,890
Buildings and Improvements	184,990
Costs Capitalized Subsequent to Acquisition
Land	96
Buildings and Improvements	6,431
Gross Amounts At Which Carried At Close of Period
Land	12,986
Buildings and Improvements	191,421
Total	204,407
Accumulated Depreciation	69,030
Premium Outlets \| Carolina Premium Outlets, Smithfield (Raleigh), NC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	46,338
Initial Cost
Land	3,175
Buildings and Improvements	59,863
Costs Capitalized Subsequent to Acquisition
Land	5,311
Buildings and Improvements	6,006
Gross Amounts At Which Carried At Close of Period
Land	8,486
Buildings and Improvements	65,869
Total	74,355
Accumulated Depreciation	31,820
Premium Outlets \| Chicago Premium Outlets, Aurora (Chicago), IL
Initial Cost
Land	659
Buildings and Improvements	118,005
Costs Capitalized Subsequent to Acquisition
Land	13,050
Buildings and Improvements	104,688
Gross Amounts At Which Carried At Close of Period
Land	13,709
Buildings and Improvements	222,693
Total	236,402
Accumulated Depreciation	60,147
Premium Outlets \| Cincinnati Premium Outlets, Monroe (Cincinnati), OH
Initial Cost
Land	14,117
Buildings and Improvements	71,520
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,934
Gross Amounts At Which Carried At Close of Period
Land	14,117
Buildings and Improvements	76,454
Total	90,571
Accumulated Depreciation	27,685
Premium Outlets \| Clinton Crossing Premium Outlets, Clinton, CT
Initial Cost
Land	2,060
Buildings and Improvements	107,556
Costs Capitalized Subsequent to Acquisition
Land	1,532
Buildings and Improvements	4,863
Gross Amounts At Which Carried At Close of Period
Land	3,592
Buildings and Improvements	112,419
Total	116,011
Accumulated Depreciation	47,581
Premium Outlets \| Ellenton Premium Outlets, Ellenton (Tampa), FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	178,000
Initial Cost
Land	15,807
Buildings and Improvements	182,412
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,295
Gross Amounts At Which Carried At Close of Period
Land	15,807
Buildings and Improvements	187,707
Total	203,514
Accumulated Depreciation	66,763
Premium Outlets \| Folsom Premium Outlets, Folsom (Sacramento), CA
Initial Cost
Land	9,060
Buildings and Improvements	50,281
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,667
Gross Amounts At Which Carried At Close of Period
Land	9,060
Buildings and Improvements	54,948
Total	64,008
Accumulated Depreciation	27,564
Premium Outlets \| Gilroy Premium Outlets, Gilroy (San Jose), CA
Initial Cost
Land	9,630
Buildings and Improvements	194,122
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	11,038
Gross Amounts At Which Carried At Close of Period
Land	9,630
Buildings and Improvements	205,160
Total	214,790
Accumulated Depreciation	84,512
Premium Outlets \| Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	118,388
Initial Cost
Land	9,497
Buildings and Improvements	195,117
Gross Amounts At Which Carried At Close of Period
Land	9,497
Buildings and Improvements	195,117
Total	204,614
Accumulated Depreciation	29,311
Premium Outlets \| Grove City Premium Outlets, Grove City (Pittsburgh), PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	140,000
Initial Cost
Land	6,421
Buildings and Improvements	121,880
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,506
Gross Amounts At Which Carried At Close of Period
Land	6,421
Buildings and Improvements	127,386
Total	133,807
Accumulated Depreciation	46,129
Premium Outlets \| Gulfport Premium Outlets, Gulfport, MS
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	50,000
Initial Cost
Buildings and Improvements	27,949
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,935
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	30,884
Total	30,884
Accumulated Depreciation	11,117
Premium Outlets \| Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington, DC), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	77,000
Initial Cost
Land	3,576
Buildings and Improvements	85,883
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,388
Gross Amounts At Which Carried At Close of Period
Land	3,576
Buildings and Improvements	88,271
Total	91,847
Accumulated Depreciation	26,509
Premium Outlets \| Houston Premium Outlets, Cypress (Houston), TX
Initial Cost
Land	8,695
Buildings and Improvements	69,350
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	44,184
Gross Amounts At Which Carried At Close of Period
Land	8,695
Buildings and Improvements	113,534
Total	122,229
Accumulated Depreciation	39,090
Premium Outlets \| Jackson Premium Outlets, Jackson (New York), NJ
Initial Cost
Land	6,413
Buildings and Improvements	104,013
Costs Capitalized Subsequent to Acquisition
Land	3
Buildings and Improvements	6,502
Gross Amounts At Which Carried At Close of Period
Land	6,416
Buildings and Improvements	110,515
Total	116,931
Accumulated Depreciation	40,932
Premium Outlets \| Jersey Shore Premium Outlets, Tinton Falls (New York), NJ
Initial Cost
Land	15,390
Buildings and Improvements	50,979
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	75,435
Gross Amounts At Which Carried At Close of Period
Land	15,390
Buildings and Improvements	126,414
Total	141,804
Accumulated Depreciation	46,191
Premium Outlets \| Johnson Creek Premium Outlets, Johnson Creek, WI
Initial Cost
Land	2,800
Buildings and Improvements	39,546
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,361
Gross Amounts At Which Carried At Close of Period
Land	2,800
Buildings and Improvements	46,907
Total	49,707
Accumulated Depreciation	19,114
Premium Outlets \| Kittery Premium Outlets, Kittery, ME
Initial Cost
Land	11,832
Buildings and Improvements	94,994
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,888
Gross Amounts At Which Carried At Close of Period
Land	11,832
Buildings and Improvements	103,882
Total	115,714
Accumulated Depreciation	36,365
Premium Outlets \| Las Americas Premium Outlets, San Diego, CA
Initial Cost
Land	45,168
Buildings and Improvements	251,878
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,010
Gross Amounts At Which Carried At Close of Period
Land	45,168
Buildings and Improvements	259,888
Total	305,056
Accumulated Depreciation	71,448
Premium Outlets \| Las Vegas North Premium Outlets, Las Vegas, NV
Initial Cost
Land	25,435
Buildings and Improvements	134,973
Costs Capitalized Subsequent to Acquisition
Land	16,536
Buildings and Improvements	147,906
Gross Amounts At Which Carried At Close of Period
Land	41,971
Buildings and Improvements	282,879
Total	324,850
Accumulated Depreciation	91,466
Premium Outlets \| Las Vegas South Premium Outlets, Las Vegas, NV
Initial Cost
Land	13,085
Buildings and Improvements	160,777
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,173
Gross Amounts At Which Carried At Close of Period
Land	13,085
Buildings and Improvements	191,950
Total	205,035
Accumulated Depreciation	65,281
Premium Outlets \| Lee Premium Outlets, Lee, MA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	53,491
Initial Cost
Land	9,167
Buildings and Improvements	52,212
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,031
Gross Amounts At Which Carried At Close of Period
Land	9,167
Buildings and Improvements	54,243
Total	63,410
Accumulated Depreciation	19,333
Premium Outlets \| Leesburg Corner Premium Outlets, Leesburg (Washington, DC), VA
Initial Cost
Land	7,190
Buildings and Improvements	162,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,647
Gross Amounts At Which Carried At Close of Period
Land	7,190
Buildings and Improvements	167,670
Total	174,860
Accumulated Depreciation	71,037
Premium Outlets \| Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN
Initial Cost
Land	6,630
Buildings and Improvements	94,138
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,442
Gross Amounts At Which Carried At Close of Period
Land	6,630
Buildings and Improvements	103,580
Total	110,210
Accumulated Depreciation	48,259
Premium Outlets \| Merrimack Premium Outlets, Merrimack, NH
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	126,534
Initial Cost
Land	17,028
Buildings and Improvements	118,428
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,807
Gross Amounts At Which Carried At Close of Period
Land	17,028
Buildings and Improvements	120,235
Total	137,263
Accumulated Depreciation	24,654
Premium Outlets \| Napa Premium Outlets, Napa, CA
Initial Cost
Land	11,400
Buildings and Improvements	45,023
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,740
Gross Amounts At Which Carried At Close of Period
Land	11,400
Buildings and Improvements	49,763
Total	61,163
Accumulated Depreciation	21,443
Premium Outlets \| North Bend Premium Outlets, North Bend (Seattle), WA
Initial Cost
Land	2,143
Buildings and Improvements	36,197
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,125
Gross Amounts At Which Carried At Close of Period
Land	2,143
Buildings and Improvements	40,322
Total	42,465
Accumulated Depreciation	15,146
Premium Outlets \| North Georgia Premium Outlets, Dawsonville (Atlanta), GA
Initial Cost
Land	4,300
Buildings and Improvements	132,325
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,696
Gross Amounts At Which Carried At Close of Period
Land	4,300
Buildings and Improvements	137,021
Total	141,321
Accumulated Depreciation	54,887
Premium Outlets \| Orlando International Premium Outlets, Orlando, FL
Initial Cost
Land	31,998
Buildings and Improvements	472,815
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,563
Gross Amounts At Which Carried At Close of Period
Land	31,998
Buildings and Improvements	476,378
Total	508,376
Accumulated Depreciation	117,299
Premium Outlets \| Orlando Vineland Premium Outlets, Orlando, FL
Initial Cost
Land	14,040
Buildings and Improvements	304,410
Costs Capitalized Subsequent to Acquisition
Land	36,023
Buildings and Improvements	80,156
Gross Amounts At Which Carried At Close of Period
Land	50,063
Buildings and Improvements	384,566
Total	434,629
Accumulated Depreciation	133,643
Premium Outlets \| Petaluma Village Premium Outlets, Petaluma (San Francisco), CA
Initial Cost
Land	13,322
Buildings and Improvements	13,710
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,267
Gross Amounts At Which Carried At Close of Period
Land	13,322
Buildings and Improvements	16,977
Total	30,299
Accumulated Depreciation	9,971
Premium Outlets \| Philadelphia Premium Outlets, Limerick (Philadelphia), PA
Initial Cost
Land	16,676
Buildings and Improvements	105,249
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	17,906
Gross Amounts At Which Carried At Close of Period
Land	16,676
Buildings and Improvements	123,155
Total	139,831
Accumulated Depreciation	53,886
Premium Outlets \| Phoenix Premium Outlets, Chandler (Phoenix), AZ
Initial Cost
Buildings and Improvements	63,448
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	63,448
Total	63,448
Accumulated Depreciation	12,969
Premium Outlets \| Pismo Beach Premium Outlets, Pismo Beach, CA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	36,823
Initial Cost
Land	4,317
Buildings and Improvements	19,044
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,944
Gross Amounts At Which Carried At Close of Period
Land	4,317
Buildings and Improvements	20,988
Total	25,305
Accumulated Depreciation	8,821
Premium Outlets \| Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI
Initial Cost
Land	16,823
Buildings and Improvements	126,686
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,407
Gross Amounts At Which Carried At Close of Period
Land	16,823
Buildings and Improvements	132,093
Total	148,916
Accumulated Depreciation	36,143
Premium Outlets \| Puerto Rico Premium Outlets, Barceloneta, PR
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	125,000
Initial Cost
Land	20,586
Buildings and Improvements	114,021
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,188
Gross Amounts At Which Carried At Close of Period
Land	20,586
Buildings and Improvements	119,209
Total	139,795
Accumulated Depreciation	32,768
Premium Outlets \| Queenstown Premium Outlets, Queenstown (Baltimore), MD
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	64,689
Initial Cost
Land	8,129
Buildings and Improvements	61,950
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	4,424
Gross Amounts At Which Carried At Close of Period
Land	8,129
Buildings and Improvements	66,374
Total	74,503
Accumulated Depreciation	19,697
Premium Outlets \| Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX
Initial Cost
Land	12,229
Buildings and Improvements	41,547
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	31,760
Gross Amounts At Which Carried At Close of Period
Land	12,229
Buildings and Improvements	73,307
Total	85,536
Accumulated Depreciation	36,098
Premium Outlets \| Round Rock Premium Outlets, Round Rock (Austin), TX
Initial Cost
Land	14,706
Buildings and Improvements	82,252
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,564
Gross Amounts At Which Carried At Close of Period
Land	14,706
Buildings and Improvements	85,816
Total	100,522
Accumulated Depreciation	42,310
Premium Outlets \| San Francisco Premium Outlets, Livermore (San Francisco), CA
Initial Cost
Land	21,925
Buildings and Improvements	308,694
Costs Capitalized Subsequent to Acquisition
Land	40,046
Buildings and Improvements	51,642
Gross Amounts At Which Carried At Close of Period
Land	61,971
Buildings and Improvements	360,336
Total	422,307
Accumulated Depreciation	47,062
Premium Outlets \| San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX
Initial Cost
Land	13,180
Buildings and Improvements	287,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	8,831
Gross Amounts At Which Carried At Close of Period
Land	13,180
Buildings and Improvements	296,010
Total	309,190
Accumulated Depreciation	73,112
Premium Outlets \| Seattle Premium Outlets, Tulalip (Seattle), WA
Initial Cost
Buildings and Improvements	103,722
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	55,046
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	158,768
Total	158,768
Accumulated Depreciation	58,507
Premium Outlets \| St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL
Initial Cost
Land	6,090
Buildings and Improvements	57,670
Costs Capitalized Subsequent to Acquisition
Land	2
Buildings and Improvements	10,954
Gross Amounts At Which Carried At Close of Period
Land	6,092
Buildings and Improvements	68,624
Total	74,716
Accumulated Depreciation	31,332
Premium Outlets \| Tampa Premium Outlets, Lutz (Tampa), FL
Initial Cost
Land	14,298
Buildings and Improvements	97,188
Costs Capitalized Subsequent to Acquisition
Land	121
Buildings and Improvements	3,230
Gross Amounts At Which Carried At Close of Period
Land	14,419
Buildings and Improvements	100,418
Total	114,837
Accumulated Depreciation	5,518
Premium Outlets \| The Crossings Premium Outlets, Tannersville, PA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	112,647
Initial Cost
Land	7,720
Buildings and Improvements	172,931
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	15,841
Gross Amounts At Which Carried At Close of Period
Land	7,720
Buildings and Improvements	188,772
Total	196,492
Accumulated Depreciation	69,205
Premium Outlets \| Tucson Premium Outlets, Marana (Tucson), AZ
Initial Cost
Land	12,508
Buildings and Improvements	69,677
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,259
Gross Amounts At Which Carried At Close of Period
Land	12,508
Buildings and Improvements	74,936
Total	87,444
Accumulated Depreciation	4,196
Premium Outlets \| Vacaville Premium Outlets, Vacaville, CA
Initial Cost
Land	9,420
Buildings and Improvements	84,850
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,879
Gross Amounts At Which Carried At Close of Period
Land	9,420
Buildings and Improvements	99,729
Total	109,149
Accumulated Depreciation	46,555
Premium Outlets \| Waikele Premium Outlets, Waipahu (Honolulu), HI
Initial Cost
Land	22,630
Buildings and Improvements	77,316
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	19,727
Gross Amounts At Which Carried At Close of Period
Land	22,630
Buildings and Improvements	97,043
Total	119,673
Accumulated Depreciation	36,337
Premium Outlets \| Waterloo Premium Outlets, Waterloo, NY
Initial Cost
Land	3,230
Buildings and Improvements	75,277
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	9,062
Gross Amounts At Which Carried At Close of Period
Land	3,230
Buildings and Improvements	84,339
Total	87,569
Accumulated Depreciation	38,852
Premium Outlets \| Williamsburg Premium Outlets, Williamsburg, VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	185,000
Initial Cost
Land	10,323
Buildings and Improvements	223,789
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,858
Gross Amounts At Which Carried At Close of Period
Land	10,323
Buildings and Improvements	229,647
Total	239,970
Accumulated Depreciation	55,852
Premium Outlets \| Woodburn Premium Outlets, Woodburn (Portland), OR
Initial Cost
Land	9,414
Buildings and Improvements	150,414
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,341
Gross Amounts At Which Carried At Close of Period
Land	9,414
Buildings and Improvements	151,755
Total	161,169
Accumulated Depreciation	23,870
Premium Outlets \| Woodbury Common Premium Outlets, Central Valley (New York), NY
Initial Cost
Land	11,110
Buildings and Improvements	862,559
Costs Capitalized Subsequent to Acquisition
Land	1,658
Buildings and Improvements	224,253
Gross Amounts At Which Carried At Close of Period
Land	12,768
Buildings and Improvements	1,086,812
Total	1,099,580
Accumulated Depreciation	326,600
Premium Outlets \| Wrentham Village Premium Outlets, Wrentham (Boston), MA
Initial Cost
Land	4,900
Buildings and Improvements	282,031
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	10,709
Gross Amounts At Which Carried At Close of Period
Land	4,900
Buildings and Improvements	292,740
Total	297,640
Accumulated Depreciation	113,849
The Mills \| Arizona Mills, Tempe (Phoenix), AZ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	158,966
Initial Cost
Land	41,936
Buildings and Improvements	297,289
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,295
Gross Amounts At Which Carried At Close of Period
Land	41,936
Buildings and Improvements	309,584
Total	351,520
Accumulated Depreciation	33,739
The Mills \| Great Mall, Milpitas (San Jose), CA
Initial Cost
Land	70,496
Buildings and Improvements	463,101
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	35,224
Gross Amounts At Which Carried At Close of Period
Land	70,496
Buildings and Improvements	498,325
Total	568,821
Accumulated Depreciation	81,692
The Mills \| Gurnee Mills, Gurnee (Chicago), IL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	273,866
Initial Cost
Land	41,133
Buildings and Improvements	297,911
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,043
Gross Amounts At Which Carried At Close of Period
Land	41,133
Buildings and Improvements	309,954
Total	351,087
Accumulated Depreciation	54,403
The Mills \| Mills at Jersey Gardens, The, Elizabeth, NJ
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	350,000
Initial Cost
Land	120,417
Buildings and Improvements	865,605
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,414
Gross Amounts At Which Carried At Close of Period
Land	120,417
Buildings and Improvements	873,019
Total	993,436
Accumulated Depreciation	66,837
The Mills \| Opry Mills, Nashville, TN
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	375,000
Initial Cost
Land	51,000
Buildings and Improvements	327,503
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	14,567
Gross Amounts At Which Carried At Close of Period
Land	51,000
Buildings and Improvements	342,070
Total	393,070
Accumulated Depreciation	57,811
The Mills \| Potomac Mills, Woodbridge (Washington, DC), VA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	416,000
Initial Cost
Land	61,755
Buildings and Improvements	425,370
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	35,791
Gross Amounts At Which Carried At Close of Period
Land	61,755
Buildings and Improvements	461,161
Total	522,916
Accumulated Depreciation	81,498
The Mills \| Sawgrass Mills, Sunrise (Miami), FL
Initial Cost
Land	194,002
Buildings and Improvements	1,641,153
Costs Capitalized Subsequent to Acquisition
Land	5,395
Buildings and Improvements	114,530
Gross Amounts At Which Carried At Close of Period
Land	199,397
Buildings and Improvements	1,755,683
Total	1,955,080
Accumulated Depreciation	278,169
Designer Outlets \| La Reggia Designer Outlet, Marcianise (Naples), Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	56,798
Initial Cost
Land	37,220
Buildings and Improvements	233,179
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,502
Gross Amounts At Which Carried At Close of Period
Land	37,220
Buildings and Improvements	234,681
Total	271,901
Accumulated Depreciation	5,761
Designer Outlets \| Noventa Di Piave Designer Outlet, Venice, Italy
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	90,947
Initial Cost
Land	38,793
Buildings and Improvements	309,284
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	12,978
Gross Amounts At Which Carried At Close of Period
Land	38,793
Buildings and Improvements	322,262
Total	361,055
Accumulated Depreciation	6,332
Designer Outlets \| Parndorf Designer Outlet, Vienna, Austria
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	97,293
Initial Cost
Land	14,903
Buildings and Improvements	221,442
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,048
Gross Amounts At Which Carried At Close of Period
Land	14,903
Buildings and Improvements	222,490
Total	237,393
Accumulated Depreciation	10,565
Designer Outlets \| Roermond Designer Outlet, Roermond, Netherlands
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	243,232
Initial Cost
Land	15,035
Buildings and Improvements	400,094
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,111
Gross Amounts At Which Carried At Close of Period
Land	15,035
Buildings and Improvements	401,205
Total	416,240
Accumulated Depreciation	16,803
Community/Lifestyles Centers \| ABQ Uptown, Albuquerque, NM
Initial Cost
Land	6,374
Buildings and Improvements	75,333
Costs Capitalized Subsequent to Acquisition
Land	4,054
Buildings and Improvements	4,675
Gross Amounts At Which Carried At Close of Period
Land	10,428
Buildings and Improvements	80,008
Total	90,436
Accumulated Depreciation	17,665
Community/Lifestyles Centers \| University Park Village, Fort Worth, TX
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	55,000
Initial Cost
Land	18,031
Buildings and Improvements	100,523
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,271
Gross Amounts At Which Carried At Close of Period
Land	18,031
Buildings and Improvements	103,794
Total	121,825
Accumulated Depreciation	7,244
Other Properties \| Bangor Mall, Bangor, ME
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	80,000
Initial Cost
Land	5,478
Buildings and Improvements	59,740
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	13,747
Gross Amounts At Which Carried At Close of Period
Land	5,478
Buildings and Improvements	73,487
Total	78,965
Accumulated Depreciation	37,413
Other Properties \| Calhoun Outlet Marketplace, Calhoun GA
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	19,316
Initial Cost
Land	1,745
Buildings and Improvements	12,529
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	1,625
Gross Amounts At Which Carried At Close of Period
Land	1,745
Buildings and Improvements	14,154
Total	15,899
Accumulated Depreciation	7,464
Other Properties \| Florida Keys Outlet Marketplace, Florida City, FL
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	17,000
Initial Cost
Land	1,560
Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	3,460
Gross Amounts At Which Carried At Close of Period
Land	1,560
Buildings and Improvements	5,208
Total	6,768
Accumulated Depreciation	2,156
Other Properties \| Gaffney Outlet Marketplace, Gaffney (Greenville/Charlotte), SC
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	31,203
Initial Cost
Land	4,056
Buildings and Improvements	32,371
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,887
Gross Amounts At Which Carried At Close of Period
Land	4,056
Buildings and Improvements	35,258
Total	39,314
Accumulated Depreciation	13,319
Other Properties \| Lebanon Outlet Marketplace, Lebanon (Nashville), TN
Initial Cost
Land	1,758
Buildings and Improvements	10,189
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	598
Gross Amounts At Which Carried At Close of Period
Land	1,758
Buildings and Improvements	10,787
Total	12,545
Accumulated Depreciation	4,692
Other Properties \| Liberty Village Marketplace, Flemington (New York), NJ
Initial Cost
Land	5,670
Buildings and Improvements	28,904
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,000
Gross Amounts At Which Carried At Close of Period
Land	5,670
Buildings and Improvements	30,904
Total	36,574
Accumulated Depreciation	23,429
Other Properties \| Lincoln Plaza, King of Prussia (Philadelphia), PA
Initial Cost
Buildings and Improvements	21,299
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	5,704
Gross Amounts At Which Carried At Close of Period
Buildings and Improvements	27,003
Total	27,003
Accumulated Depreciation	14,800
Other Properties \| Orlando Outlet Marketplace, Orlando, FL
Initial Cost
Land	3,367
Buildings and Improvements	1,557
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	2,171
Gross Amounts At Which Carried At Close of Period
Land	3,367
Buildings and Improvements	3,728
Total	7,095
Accumulated Depreciation	1,550
Other Properties \| Osage Beach Outlet Marketplace, Osage Beach, MO
Initial Cost
Land	9,460
Buildings and Improvements	85,804
Costs Capitalized Subsequent to Acquisition
Buildings and Improvements	7,135
Gross Amounts At Which Carried At Close of Period
Land	9,460
Buildings and Improvements	92,939
Total	102,399
Accumulated Depreciation	40,760
Development Projects \| Other pre-development costs
Real Estate and Accumulated Depreciation
Encumbrances as of Year End	44,099
Initial Cost
Land	130,344
Buildings and Improvements	86,457
Gross Amounts At Which Carried At Close of Period
Land	130,344
Buildings and Improvements	86,457
Total	216,801
Accumulated Depreciation	76
Other
Initial Cost
Land	2,615
Buildings and Improvements	14,047
Gross Amounts At Which Carried At Close of Period
Land	2,615
Buildings and Improvements	14,047
Total	16,662
Accumulated Depreciation	7,094
Currency Translation Adjustment
Initial Cost
Land	(3,718)
Buildings and Improvements	(41,037)
Gross Amounts At Which Carried At Close of Period
Land	(3,718)
Buildings and Improvements	(41,037)
Total	(44,755)
Accumulated Depreciation	$ (3,461)

Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Real Estate Properties:
Balance, beginning of year	$ 33,132,885	$ 31,014,133	$ 30,048,230
Acquisitions and consolidations	1,331,511	1,190,944	393,351
Improvements	658,734	995,964	791,453
Disposals and deconsolidations	(180,433)	(68,156)	(218,901)
Currency Translation Adjustment	(44,755)
Balance, close of year	34,897,942	33,132,885	31,014,133
Unaudited aggregate cost of real estate for federal income tax purposes	29,601,501
Reconciliation of Accumulated Depreciation:
Balance, beginning of year	9,696,420	8,740,928	7,896,614
Depreciation expense	1,089,347	1,018,078	997,482
Disposals and deconsolidations	(117,568)	(62,586)	(153,168)
Currency Translation Adjustment	(3,461)
Balance, close of year	$ 10,664,738	$ 9,696,420	$ 8,740,928
Structure \| Minimum
Real estate and accumulated depreciation
Depreciable life	10 years
Structure \| Maximum
Real estate and accumulated depreciation
Depreciable life	35 years
Landscaping and parking lot
Real estate and accumulated depreciation
Depreciable life	15 years
HVAC equipment
Real estate and accumulated depreciation
Depreciable life	10 years